10-Q 1 gm-20220331.htm 10-Q gm-20220331
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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, 2022
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-20220331_g1.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 April 13, 2022 there were 1,458,022,912 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.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, 2022March 31, 2021
Net sales and revenue
Automotive$32,824 $29,067 
GM Financial3,155 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 expenses1,926 2,279 
Automotive and other selling, general and administrative expense2,504 1,803 
Total costs and expenses33,783 29,197 
Operating income (loss)2,196 3,277 
Automotive interest expense226 250 
Interest income and other non-operating income, net517 799 
Equity income (loss) (Note 8)292 365 
Income (loss) before income taxes2,779 4,191 
Income tax expense (benefit) (Note 15)(28)1,177 
Net income (loss)2,807 3,014 
Net loss (income) attributable to noncontrolling interests131 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 – basic1,458 1,447 
Diluted earnings per common share$1.35 $2.03 
Weighted-average common shares outstanding – diluted1,470 1,464 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
 Three Months Ended
 March 31, 2022March 31, 2021
Net income (loss)$2,807 $3,014 
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other340 (5)
Defined benefit plans103 160 
Other comprehensive income (loss), net of tax442 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.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
March 31, 2022December 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 assets88,594 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, net41,708 41,115 
Goodwill and intangible assets, net5,058 5,087 
Equipment on operating leases, net (Note 7; Note 9 at VIEs)36,581 37,929 
Deferred income taxes21,287 21,152 
Other assets (Note 4; Note 9 at VIEs)11,454 11,488 
Total non-current assets162,898 162,615 
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)
   Automotive737 463 
GM Financial (Note 9 at VIEs)32,300 33,257 
Accrued liabilities21,277 20,297 
Total current liabilities79,555 74,408 
Non-current Liabilities
Long-term debt (Note 10)
   Automotive16,155 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 liabilities14,601 15,085 
Total non-current liabilities104,873 104,495 
Total Liabilities184,429 178,903 
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 capital27,015 27,061 
Retained earnings43,879 41,937 
Accumulated other comprehensive loss(8,814)(9,269)
Total stockholders’ equity62,095 59,744 
Noncontrolling interests4,679 6,071 
Total Equity66,774 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, 2022March 31, 2021
Cash flows from operating activities
Net income (loss)$2,807 $3,014 
Depreciation and impairment of Equipment on operating leases, net1,223 1,653 
Depreciation, amortization and impairment charges on Property, net1,668 1,362 
Foreign currency remeasurement and transaction (gains) losses56 (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 activities2,104 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, liquidations1,960 3,632 
Purchases of finance receivables, net(8,189)(8,173)
Principal collections and recoveries on finance receivables6,845 6,085 
Purchases of leased vehicles, net(2,990)(6,113)
Proceeds from termination of leased vehicles3,732 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 debt722 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 cash93 (140)
Net increase (decrease) in cash, cash equivalents and restricted cash(3,564)1,759 
Cash, cash equivalents and restricted cash at beginning of period23,542 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 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, 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.
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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.


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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
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Vehicle, parts and accessories$28,572 $3,014 $5 $31,591 $— $— $ $31,591 
Used vehicles75 5  80 — —  80 
Services and other809 295 48 1,152 26 — (25)1,153 
Automotive net sales and revenue29,456 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
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ ReclassificationsTotal
Vehicle, parts and accessories$24,920 $2,801 $ $27,721 $— $— $ $27,721 
Used vehicles228 13  241 — —  241 
Services and other809 272 19 1,100 30 — (25)1,105 
Automotive net sales and revenue25,957 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 LevelMarch 31, 2022December 31, 2021
Cash and cash equivalents
Cash and time deposits$6,979 $7,881 
Available-for-sale debt securities
U.S. government and agencies2630 722 
Corporate debt24,439 5,321 
Sovereign debt21,186 2,105 
Total available-for-sale debt securities – cash equivalents6,255 8,148 
Money market funds13,114 4,038 
Total cash and cash equivalents(a)$16,349 $20,067 
Marketable debt securities
U.S. government and agencies2$2,844 $2,071 
Corporate debt23,630 3,396 
Mortgage and asset-backed2600 575 
Sovereign debt22,833 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 funds13,255 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 years4,831 
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 assets3,127 
Restricted cash included in Other assets503 
Total$19,978 
Note 5. GM Financial Receivables and Transactions
March 31, 2022December 31, 2021
RetailCommercial(a)TotalRetailCommercial(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, 2022March 31, 2021
Allowance for loan losses at beginning of period$1,886 $1,978 
Provision for loan losses122 (26)
Charge-offs(275)(253)
Recoveries177 150 
Effect of foreign currency18 (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 OriginationMarch 31, 2022
20222021202020192018Prior TotalPercent
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 679856 3,569 2,153 1,089 553 274 8,494 14.3 %
Sub-prime – FICO score less than 620929 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 %

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Year of OriginationDecember 31, 2021
20212020201920182017PriorTotalPercent
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 6793,856 2,388 1,229 648 274 84 8,479 14.6 %
Sub-prime – FICO score less than 6204,053 2,528