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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 September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from              to

Commission file number 001-34960
gm-20210930_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 October 12, 2021 there were 1,451,860,294 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.Accrued and Other Liabilities
Note 12.Pensions and Other Postretirement Benefits
Note 13.Commitments and Contingencies
Note 14.Income Taxes
Note 15.Restructuring and Other Initiatives
Note 16.Stockholders' Equity and Noncontrolling Interests
Note 17.Earnings Per Share
Note 18.Segment Reporting
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
Signature



GENERAL MOTORS COMPANY AND SUBSIDIARIES


PART I
Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
 Three Months EndedNine Months Ended
 September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net sales and revenue
Automotive$23,426 $32,067 $83,237 $74,580 
GM Financial3,353 3,413 10,183 10,387 
Total net sales and revenue (Note 2)26,779 35,480 93,420 84,967 
Costs and expenses
Automotive and other cost of sales 20,672 27,169 73,053 67,339 
GM Financial interest, operating and other expenses2,314 2,259 6,487 8,853 
Automotive and other selling, general and administrative expense2,148 1,628 6,076 4,908 
Total costs and expenses25,134 31,056 85,616 81,100 
Operating income1,645 4,424 7,804 3,867 
Automotive interest expense230 327 723 823 
Interest income and other non-operating income, net800 499 2,383 1,223 
Equity income (Note 7)323 309 1,015 389 
Income before income taxes2,538 4,905 10,479 4,656 
Income tax expense (Note 14)152 887 2,300 1,132 
Net income2,386 4,018 8,179 3,524 
Net loss attributable to noncontrolling interests34 27 99 57 
Net income attributable to stockholders$2,420 $4,045 $8,278 $3,581 
Net income attributable to common stockholders$2,375 $4,005 $8,141 $3,446 
Earnings per share (Note 17)
Basic earnings per common share$1.64 $2.80 $5.61 $2.41 
Weighted-average common shares outstanding – basic1,452 1,432 1,450 1,432 
Diluted earnings per common share$1.62 $2.78 $5.55 $2.40 
Weighted-average common shares outstanding – diluted1,467 1,439 1,467 1,439 
Dividends declared per common share$ $ $ $0.38 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
 Three Months EndedNine Months Ended
 September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net income$2,386 $4,018 $8,179 $3,524 
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other(210)67 87 (964)
Defined benefit plans197 (115)385 163 
Other comprehensive income (loss), net of tax(13)(48)472 (801)
Comprehensive income
2,373 3,970 8,651 2,723 
Comprehensive loss attributable to noncontrolling interests 40 21 112 59 
Comprehensive income attributable to stockholders
$2,413 $3,991 $8,763 $2,782 

Reference should be made to the notes to condensed consolidated financial statements.
1


GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
September 30, 2021December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents$17,365 $19,992 
Marketable debt securities (Note 3)6,575 9,046 
Accounts and notes receivable, net8,091 8,035 
GM Financial receivables, net (Note 4; Note 8 at VIEs)25,093 26,209 
Inventories (Note 5)14,534 10,235 
Other current assets (Note 3; Note 8 at VIEs)6,133 7,407 
Total current assets77,791 80,924 
Non-current Assets
GM Financial receivables, net (Note 4; Note 8 at VIEs)34,645 31,783 
Equity in net assets of nonconsolidated affiliates (Note 7)9,234 8,406 
Property, net39,637 37,632 
Goodwill and intangible assets, net5,126 5,230 
Equipment on operating leases, net (Note 6; Note 8 at VIEs)39,657 39,819 
Deferred income taxes22,245 24,136 
Other assets (Note 3; Note 8 at VIEs)10,222 7,264 
Total non-current assets160,766 154,270 
Total Assets$238,557 $235,194 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)$18,648 $19,928 
Short-term debt and current portion of long-term debt (Note 9)
   Automotive476 1,276 
GM Financial (Note 8 at VIEs)34,343 35,637 
Accrued liabilities (Note 11)18,484 23,069 
Total current liabilities71,951 79,910 
Non-current Liabilities
Long-term debt (Note 9)
   Automotive16,372 16,193 
GM Financial (Note 8 at VIEs)57,762 56,788 
Postretirement benefits other than pensions (Note 12)6,111 6,277 
Pensions (Note 12)10,822 12,902 
Other liabilities (Note 11)15,218 13,447 
Total non-current liabilities106,285 105,607 
Total Liabilities178,236 185,517 
Commitments and contingencies (Note 13)
Equity (Note 16)
Common stock, $0.01 par value
15 14 
Additional paid-in capital26,926 26,542 
Retained earnings40,212 31,962 
Accumulated other comprehensive loss(13,003)(13,488)
Total stockholders’ equity54,150 45,030 
Noncontrolling interests6,171 4,647 
Total Equity60,321 49,677 
Total Liabilities and Equity$238,557 $235,194 

Reference should be made to the notes to condensed consolidated financial statements.
2


GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Nine Months Ended
September 30, 2021September 30, 2020
Cash flows from operating activities
Net income$8,179 $3,524 
Depreciation and impairment of Equipment on operating leases, net4,757 5,518 
Depreciation, amortization and impairment charges on Property, net4,357 4,217 
Foreign currency remeasurement and transaction (gains) losses(59)50 
Undistributed earnings (loss) of nonconsolidated affiliates, net(306)137 
Pension contributions and OPEB payments(624)(610)
Pension and OPEB income, net(1,205)(754)
Provision for deferred taxes1,963 700 
Change in other operating assets and liabilities(8,683)(2,805)
Net cash provided by operating activities8,379 9,977 
Cash flows from investing activities
Expenditures for property(4,310)(3,328)
Available-for-sale marketable securities, acquisitions(5,784)(12,190)
Available-for-sale marketable securities, liquidations8,236 7,018 
Purchases of finance receivables, net(25,518)(22,294)
Principal collections and recoveries on finance receivables18,297 14,622 
Purchases of leased vehicles, net(16,698)(10,468)
Proceeds from termination of leased vehicles15,513 9,937 
Other investing activities(675)(116)
Net cash used in investing activities(10,939)(16,819)
Cash flows from financing activities
Net increase in short-term debt3,203 580 
Proceeds from issuance of debt (original maturities greater than three months)34,843 64,931 
Payments on debt (original maturities greater than three months)(38,266)(50,659)
Proceeds from issuance of subsidiary preferred stock (Note 16)1,736 492 
Dividends paid(170)(653)
Other financing activities(134)(532)
Net cash provided by financing activities1,212 14,159 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(118)(404)
Net increase (decrease) in cash, cash equivalents and restricted cash(1,466)6,913 
Cash, cash equivalents and restricted cash at beginning of period23,117 22,943 
Cash, cash equivalents and restricted cash at end of period$21,651 $29,856 
Significant Non-cash Investing and Financing Activity
Non-cash property additions$4,311 $2,448 

Reference should be made to the notes to condensed consolidated financial statements.
3


GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
Common Stockholders’Noncontrolling InterestsTotal Equity
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss
Balance at January 1, 2020$14 $26,074 $26,860 $(11,156)$4,165 $45,957 
Adoption of accounting standards— — (660)— — (660)
Net income— — 294 — (8)286 
Other comprehensive loss— — — (644)(12)(656)
Issuance of subsidiary preferred stock— — — — 26 26 
Purchase of common stock— (57)(33)— — (90)
Stock based compensation— (3)(7)— — (10)
Cash dividends paid on common stock— — (545)— — (545)
Dividends to noncontrolling interests— — — — (4)(4)
Other—  (24)— 37 13 
Balance at March 31, 202014 26,014 25,885 (11,800)4,204 44,317 
Net loss— — (758)— (22)(780)
Other comprehensive loss— — — (101)4 (97)
Issuance of subsidiary preferred stock— — — — 26 26 
Stock based compensation— 73 — — — 73 
Dividends to noncontrolling interests— — — — (39)(39)
Other—  (23)— 16 (7)
Balance at June 30, 202014 26,087 25,104 (11,901)4,189 43,493 
Net income— — 4,045 — (27)4,018 
Other comprehensive loss— — — (54)6 (48)
Issuance of subsidiary preferred stock (Note 16)— — — — 492 492 
Stock based compensation— 61  — — 61 
Other—  (15)— 7 (8)
Balance at September 30, 2020$14 $26,148 $29,134 $(11,955)$4,667 $48,008 
Balance at January 1, 2021$14 $26,542 $31,962 $(13,488)$4,647 $49,677 
Net income— — 3,022 — (8)3,014 
Other comprehensive income— — — 162 (7)155 
Issuance of subsidiary preferred stock (Note 16)— — — — 1,537 1,537 
Stock based compensation— 132 — — — 132 
Dividends to noncontrolling interests— — — — (61)(61)
Other— (7)4 — (8)(11)
Balance at March 31, 202114 26,667 34,988 (13,326)6,100 54,443 
Net income— — 2,836 — (57)2,779 
Other comprehensive income— — — 330 — 330 
Issuance of subsidiary preferred stock (Note 16)— — — — 199 199 
Stock based compensation— 177 (4)— — 173 
Dividends to noncontrolling interests— — — — (64)(64)
Other1 — (14)— 29 16 
Balance at June 30, 202115 26,844 37,806 (12,996)6,207 57,876 
Net income— — 2,420 — (34)2,386 
Other comprehensive loss— — — (7)(6)(13)
Stock based compensation— 82 1 — — 83 
Dividends to noncontrolling interests— — — — (1)(1)
Other—  (15)— 5 (10)
Balance at September 30, 2021$15 $26,926 $40,212 $(13,003)$6,171 $60,321 

Reference should be made to the notes to condensed consolidated financial statements.
4


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Nature of Operations and Basis of Presentation
General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts worldwide and is investing in and growing an autonomous vehicle business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. Cruise is our global segment responsible for the development and commercialization of autonomous vehicle technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses.

The condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2020 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions.

Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate.

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

Note 2. Revenue

The following table disaggregates our revenue by major source:
Three Months Ended September 30, 2021
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Vehicle, parts and accessories$19,633 $2,548 $6 $22,187 $— $— $ $22,187 
Used vehicles115 14  129 — —  129 
Services and other806 281 21 1,108 26 — (24)1,110 
Automotive net sales and revenue20,554 2,843 27 23,424 26 — (24)23,426 
Leased vehicle income— — — — — 2,246  2,246 
Finance charge income— — — — — 1,035  1,035 
Other income— — — — — 73 (1)72 
GM Financial net sales and revenue— — — — — 3,354 (1)3,353 
Net sales and revenue$20,554 $2,843 $27 $23,424 $26 $3,354 $(25)$26,779 










5


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Three Months Ended September 30, 2020
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ ReclassificationsTotal
Vehicle, parts and accessories$28,143 $2,513 $ $30,656 $— $— $ $30,656 
Used vehicles185 23 6 214 — —  214 
Services and other800 199 197 1,196 26 — (25)1,197 
Automotive net sales and revenue29,128 2,735 203 32,066 26 — (25)32,067 
Leased vehicle income— — — — — 2,354  2,354 
Finance charge income— — — — — 999  999 
Other income— — — — — 68 (8)60 
GM Financial net sales and revenue— — — — — 3,421 (8)3,413 
Net sales and revenue$29,128 $2,735 $203 $