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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, 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
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 19, 2021 there were 1,450,670,870 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



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, 2021March 31, 2020
Net sales and revenue
Automotive$29,067 $29,150 
GM Financial3,407 3,559 
Total net sales and revenue (Note 2)32,474 32,709 
Costs and expenses
Automotive and other cost of sales 25,115 26,726 
GM Financial interest, operating and other expenses2,279 3,356 
Automotive and other selling, general and administrative expense1,803 1,970 
Total costs and expenses29,197 32,052 
Operating income3,277 657 
Automotive interest expense250 193 
Interest income and other non-operating income, net799 311 
Equity income (loss) (Note 7)365 (132)
Income before income taxes4,191 643 
Income tax expense (Note 14)1,177 357 
Net income3,014 286 
Net loss attributable to noncontrolling interests8 8 
Net income attributable to stockholders$3,022 $294 
Net income attributable to common stockholders$2,976 $247 
Earnings per share (Note 17)
Basic earnings per common share$2.06 $0.17 
Weighted-average common shares outstanding – basic1,447 1,433 
Diluted earnings per common share$2.03 $0.17 
Weighted-average common shares outstanding – diluted1,464 1,440 
Dividends declared per common share$ $0.38 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
 Three Months Ended
 March 31, 2021March 31, 2020
Net income$3,014 $286 
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other(5)(973)
Defined benefit plans160 317 
Other comprehensive income (loss), net of tax155 (656)
Comprehensive income (loss)3,169 (370)
Comprehensive loss attributable to noncontrolling interests 15 20 
Comprehensive income (loss) attributable to stockholders$3,184 $(350)

Reference should be made to the notes to condensed consolidated financial statements.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
March 31, 2021December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents$21,609 $19,992 
Marketable debt securities (Note 3)7,771 9,046 
Accounts and notes receivable, net9,126 8,035 
GM Financial receivables, net (Note 4; Note 8 at VIEs)24,583 26,209 
Inventories (Note 5)12,066 10,235 
Other current assets (Note 3; Note 8 at VIEs)6,936 7,407 
Total current assets82,091 80,924 
Non-current Assets
GM Financial receivables, net (Note 4; Note 8 at VIEs)33,689 31,783 
Equity in net assets of nonconsolidated affiliates (Note 7)8,979 8,406 
Property, net37,797 37,632 
Goodwill and intangible assets, net5,185 5,230 
Equipment on operating leases, net (Note 6; Note 8 at VIEs)40,343 39,819 
Deferred income taxes23,090 24,136 
Other assets (Note 3; Note 8 at VIEs)7,237 7,264 
Total non-current assets156,320 154,270 
Total Assets$238,411 $235,194 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)$20,446 $19,928 
Short-term debt and current portion of long-term debt (Note 9)
   Automotive1,146 1,276 
GM Financial (Note 8 at VIEs)33,922 35,637 
Accrued liabilities (Note 11)20,809 23,069 
Total current liabilities76,323 79,910 
Non-current Liabilities
Long-term debt (Note 9)
   Automotive16,406 16,193 
GM Financial (Note 8 at VIEs)59,773 56,788 
Postretirement benefits other than pensions (Note 12)6,236 6,277 
Pensions (Note 12)12,064 12,902 
Other liabilities (Note 11)13,166 13,447 
Total non-current liabilities107,645 105,607 
Total Liabilities183,968 185,517 
Commitments and contingencies (Note 13)
Equity (Note 16)
Common stock, $0.01 par value
14 14 
Additional paid-in capital26,667 26,542 
Retained earnings34,988 31,962 
Accumulated other comprehensive loss(13,326)(13,488)
Total stockholders’ equity48,343 45,030 
Noncontrolling interests6,100 4,647 
Total Equity54,443 49,677 
Total Liabilities and Equity$238,411 $235,194 

Reference should be made to the notes to condensed consolidated financial statements.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Three Months Ended
March 31, 2021March 31, 2020
Cash flows from operating activities
Net income$3,014 $286 
Depreciation and impairment of Equipment on operating leases, net1,653 1,806 
Depreciation, amortization and impairment charges on Property, net1,362 1,502 
Foreign currency remeasurement and transaction (gains)(73)(116)
Undistributed earnings of nonconsolidated affiliates, net(349)132 
Pension contributions and OPEB payments(222)(213)
Pension and OPEB income, net(397)(263)
Provision for deferred taxes1,085 188 
Change in other operating assets and liabilities(4,807)(1,761)
Net cash provided by operating activities1,266 1,561 
Cash flows from investing activities
Expenditures for property(878)(1,224)
Available-for-sale marketable securities, acquisitions(2,366)(4,091)
Available-for-sale marketable securities, liquidations3,632 1,113 
Purchases of finance receivables, net(8,173)(6,374)
Principal collections and recoveries on finance receivables6,085 4,739 
Purchases of leased vehicles, net(6,113)(3,733)
Proceeds from termination of leased vehicles4,919 3,088 
Other investing activities(90)(88)
Net cash used in investing activities(2,984)(6,570)
Cash flows from financing activities
Net increase in short-term debt1,543 13 
Proceeds from issuance of debt (original maturities greater than three months)13,350 35,863 
Payments on debt (original maturities greater than three months)(12,702)(11,339)
Proceeds from issuance of subsidiary preferred stock (Note 16)1,537  
Dividends paid(76)(590)
Other financing activities(35)(267)
Net cash provided by financing activities3,617 23,680 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(140)(448)
Net increase in cash, cash equivalents and restricted cash1,759 18,223 
Cash, cash equivalents and restricted cash at beginning of period23,117 22,943 
Cash, cash equivalents and restricted cash at end of period$24,876 $41,166 
Significant Non-cash Investing and Financing Activity
Non-cash property additions$1,710 $1,262 

Reference should be made to the notes to condensed consolidated financial statements.
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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, 2020$14 $26,014 $25,885 $(11,800)$4,204 $44,317 
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, 2021$14 $26,667 $34,988 $(13,326)$6,100 $54,443 

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

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Three Months Ended March 31, 2020
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ ReclassificationsTotal
Vehicle, parts and accessories$24,576 $2,998 $ $27,574 $— $— $ $27,574 
Used vehicles376 25 2 403 — —  403 
Services and other879 257 36 1,172 25 — (24)1,173 
Automotive net sales and revenue25,831 3,280 38 29,149 25 — (24)29,150 
Leased vehicle income— — — — — 2,463  2,463 
Finance charge income— — — — — 1,006 (1)1,005 
Other income— — — — — 92 (1)91 
GM Financial net sales and revenue— — — — — 3,561 (2)3,559 
Net sales and revenue$25,831 $3,280 $38 $29,149 $25 $3,561 $(26)$32,709 



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, 2021 and 2020.
Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts of $2.4 billion at March 31, 2021 and December 31, 2020, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $395 million and $386 million related to contract liabilities in the three months ended March 31, 2021 and 2020. We expect to recognize revenue of $969 million in the nine months ending December 31, 2021 and $598 million, $382 million and $499 million in the years ending December 31, 2022, 2023 and thereafter related to contract liabilities at March 31, 2021.
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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 LevelMarch 31, 2021December 31, 2020
Cash and cash equivalents
Cash and time deposits$7,294 $8,010 
Available-for-sale debt securities
U.S. government and agencies2631 1,370 
Corporate debt25,516 3,476 
Sovereign debt23,055 2,051 
Total available-for-sale debt securities – cash equivalents9,202 6,897 
Money market funds15,113 5,085 
Total cash and cash equivalents(a)$21,609 $19,992 
Marketable debt securities
U.S. government and agencies2$927 $1,771 
Corporate debt23,099 3,630 
Mortgage and asset-backed2594 632 
Sovereign debt23,151 3,013 
Total available-for-sale debt securities – marketable securities(b)$7,771 $9,046 
Restricted cash
Cash and cash equivalents $405 $269 
Money market funds12,862 2,856 
Total restricted cash$3,267 $3,125 
Available-for-sale debt securities included above with contractual maturities(c)
Due in one year or less$13,568 
Due between one and five years2,789 
Total available-for-sale debt securities with contractual maturities$16,357 
__________
(a)Includes $2.2 billion and $761 million in Cruise at March 31, 2021 and December 31, 2020.
(b)Includes $1.9 billion and $943 million in Cruise at March 31, 2021 and December 31, 2020.
(c)Excludes mortgage- and asset-backed securities of $594 million at March 31, 2021 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 $504 million and $366 million in the three months ended March 31, 2021 and 2020. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2021 and 2020. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at March 31, 2021 and December 31, 2020.
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:
March 31, 2021
Cash and cash equivalents$21,609 
Restricted cash included in Other current assets2,702 
Restricted cash included in Other assets565 
Total$24,876 

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 4. GM Financial Receivables and Transactions
March 31, 2021December 31, 2020
RetailCommercial(a)TotalRetailCommercial(a)Total
GM Financial receivables, net of fees$53,397 $6,710 $60,107 $51,288 $8,682 $59,970 
Less: allowance for loan losses(1,784)(51)(1,835)(1,915)(63)(1,978)
GM Financial receivables, net$51,613 $6,659 $58,272 $49,373 $8,619 $57,992 
Fair value of GM Financial receivables utilizing Level 2 inputs$6,659 $8,619 
Fair value of GM Financial receivables utilizing Level 3 inputs$53,524 $51,645 
__________
(a)Net of dealer cash management balances of $1.5 billion and $1.4 billion at March 31, 2021 and December 31, 2020. 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, 2021March 31, 2020
Allowance for loan losses at beginning of period$1,978 $944 
Impact of adoption ASU 2016-13
 801 
Provision for loan losses(26)466 
Charge-offs(253)(340)
Recoveries150 156 
Effect of foreign currency(14)(61)
Allowance for loan losses at end of period$1,835 $1,966 

The allowance for loan losses decreased by $131 million as of March 31, 2021 compared to March 31, 2020, primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.

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, 2021 and December 31, 2020:

Year of OriginationMarch 31, 2021
20212020201920182017Prior TotalPercent
Prime – FICO score 680 and greater$5,554 $17,004 $6,171 $3,841 $1,565 $478 $34,613 64.8 %
Near-prime – FICO score 620 to 6791,167 3,377 1,870 1,062 509 231 8,216 15.4 %
Sub-prime – FICO score less than 6201,227 3,516 2,611 1,517 994 703 10,568 19.8 %
Retail finance receivables, net of fees$7,948 $23,897 $10,652 $6,420 $3,068 $1,412 $53,397 100.0 %

Year of OriginationDecember 31, 2020
20202019201820172016PriorTotalPercent
Prime – FICO score 680 and greater$18,685 $7,033 $4,491 $1,917 $555 $119 $32,800 64.0 %
Near-prime – FICO score 620 to 6793,695 2,097 1,232 603 225 83 7,935 15.4 %
Sub-prime – FICO score less than 6203,803 2,920 1,740 1,173 610 307 10,553 20.6 %
Retail finance receivables, net of fees$26,183 $12,050 $7,463 $3,693 $1,390 $509 $51,288 100.0 %

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $538 million and $714 million at March 31, 2021 and December 31, 2020. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2021 and December 31, 2020, as well as summary totals for March 31, 2020:
Year of OriginationMarch 31, 2021March 31, 2020
20212020201920182017Prior TotalPercentTotalPercent
0-to-30 days$7,934 $23,640 $10,363 $6,218 $2,927 $1,285 $52,367 98.1 %$40,856 96.2 %
31-to-60 days