v3.22.2
Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through earnings before income taxes (EBT)-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis.

Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties.

GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is
our global segment responsible for the development and commercialization of AV technology, and includes AV-related engineering and other costs. We provide automotive financing services through our GM Financial segment.

Our automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities, Stellantis warrants and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation.

The following tables summarize key financial information by segment:
At and For the Three Months Ended June 30, 2022
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$28,760 $3,807 $47 $32,614 $25 $3,146 $(26)$35,759 
Earnings (loss) before interest and taxes-adjusted$2,299 $209 $(731)$1,778 $(543)$1,106 $3 $2,343 
Adjustments$— $— $— $— $— $— $— — 
Automotive interest income73 
Automotive interest expense(234)
Net income (loss) attributable to noncontrolling interests(50)
Income (loss) before income taxes2,132 
Income tax benefit (expense)(490)
Net income (loss)1,642 
Net loss (income) attributable to noncontrolling interests50 
Net income (loss) attributable to stockholders$1,692 
Equity in net assets of nonconsolidated affiliates$1,416 $6,556 $— $— $7,972 $— $1,760 $— $9,733 
Goodwill and intangibles$2,187 $754 $4 $— $2,945 $727 $1,341 $— $5,013 
Total assets$127,964 $24,867 $34,030 $(55,045)$131,815 $6,049 $116,807 $(1,154)$253,517 
Depreciation and amortization$1,476 $131 $6 $— $1,613 $12 $1,218 $— $2,844 
Impairment charges$11 $— $— $— $11 $— $— $— $11 
Equity income (loss)$(6)$(89)$— $— $(95)$— $50 $— $(45)

At and For the Three Months Ended June 30, 2021
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$27,932 $2,792 $21 $30,745 $25 $3,426 $(29)$34,167 
Earnings (loss) before interest and taxes-adjusted$2,894 $15 $(38)$2,871 $(332)$1,581 $(3)$4,117 
Adjustments(a)$(17)$(82)$— $(99)$— $— $— (99)
Automotive interest income32 
Automotive interest expense(243)
Net income (loss) attributable to noncontrolling interests(57)
Income (loss) before income taxes3,750 
Income tax benefit (expense)(971)
Net income (loss)2,779 
Net loss (income) attributable to noncontrolling interests57 
Net income (loss) attributable to stockholders$2,836 
Equity in net assets of nonconsolidated affiliates$482 $6,696 $— $— $7,178 $— $1,704 $— $8,882 
Goodwill and intangibles$2,292 $789 $— $— $3,081 $743 $1,345 $— $5,169 
Total assets$115,220 $22,203 $37,424 $(52,138)$122,709 $5,204 $115,346 $(1,456)$241,803 
Depreciation and amortization$1,281 $137 $4 $— $1,422 $13 $1,579 $— $3,014 
Impairment charges$— $— $— $— $— $4 $— $— $4 
Equity income (loss)$3 $274 $— $— $277 $— $50 $— $327 
__________
(a)    Consists of restructuring charges related to Cadillac dealer strategy in GMNA and an adjustment related to unique events associated with Korea Supreme Court decisions related to our salaried workers in GMI.
At and For the Six Months Ended June 30, 2022
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$58,216 $7,120 $100 $65,437 $51 $6,302 $(52)$71,738 
Earnings (loss) before interest and taxes-adjusted$5,440 $537 $(1,118)$4,859 $(868)$2,390 $6 $6,387 
Adjustments(a)$100 $— $— $100 $(1,057)$— $— (957)
Automotive interest income123 
Automotive interest expense(460)
Net income (loss) attributable to noncontrolling interests(181)
Income (loss) before income taxes4,912 
Income tax benefit (expense)(462)
Net income (loss)4,449 
Net loss (income) attributable to noncontrolling interests181 
Net income (loss) attributable to stockholders$4,631 
Depreciation and amortization$2,980 $265 $11 $— $3,256 $25 $2,454 $— $5,735 
Impairment charges$11 $— $— $— $11 $— $— $— $11 
Equity income (loss)$— $143 $— $— $144 $— $104 $— $247 
__________
(a)    Consists of the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA; and charges related to the one-time modification of Cruise stock incentive awards.
At and For the Six Months Ended June 30, 2021
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$53,889 $5,878 $40 $59,807 $55 $6,833 $(54)$66,641 
Earnings (loss) before interest and taxes-adjusted$6,028 $323 $(8)$6,343 $(561)$2,763 $(11)$8,534 
Adjustments(a)$(17)$(82)$— $(99)$— $— $— (99)
Automotive interest income64 
Automotive interest expense(493)
Net income (loss) attributable to noncontrolling interests(65)
Income (loss) before income taxes7,941 
Income tax benefit (expense)(2,148)
Net income (loss)5,793 
Net loss (income) attributable to noncontrolling interests65 
Net income (loss) attributable to stockholders$5,858 
Depreciation and amortization$2,479 $269 $10 $— $2,758 $24 $3,247 $— $6,029 
Impairment charges$— $— $— $— $— $4 $— $— $4 
Equity income (loss)$7 $581 $— $— $588 $— $104 $— $692 
__________
(a)    Consists of restructuring charges related to Cadillac dealer strategy in GMNA and an adjustment related to unique events associated with Korea Supreme Court decisions related to our salaried workers in GMI.