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Cover and table of contents

10-K 1 gm201810k.htm 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

Form 10-K

þANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2018

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)

STATE OF DELAWARE27-0756180
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
300 Renaissance Center, Detroit, Michigan48265-3000
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code

(313) 667-1500

Securities registered pursuant to Section 12(b) of the Act:

Title of each className of each exchange on which registered
Common StockNew York Stock Exchange
Warrants (expiring July 10, 2019)New York Stock Exchange

Securities registered pursuant to Section 12 (g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ

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 þ 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 þ No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 þ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company ¨

(Do not check if a smaller reporting 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 þ

The aggregate market value of the voting stock held by non-affiliates of the registrant (assuming only for purposes of this computation that directors and executive officers may be affiliates) was approximately $55.5 billion as of June 30, 2018.

As of January 25, 2019 there were 1,409,478,926 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive Proxy Statement related to the Annual Stockholders Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K.

INDEX

Page
PART I
Item 1.Business1
Item 1A.Risk Factors10
Item 1B.Unresolved Staff Comments17
Item 2.Properties17
Item 3.Legal Proceedings17
Item 4.Mine Safety Disclosures17
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities17
Item 6.Selected Financial Data18
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations19
Item 7A.Quantitative and Qualitative Disclosures About Market Risk41
Item 8.Financial Statements and Supplementary Data47
Consolidated Income Statements47
Consolidated Statements of Comprehensive Income47
Consolidated Balance Sheets48
Consolidated Statements of Cash Flows49
Consolidated Statements of Equity50
Notes to Consolidated Financial Statements51
Note 1.Nature of Operations and Basis of Presentation51
Note 2.Significant Accounting Policies51
Note 3.Revenue60
Note 4.Marketable and Other Securities61
Note 5.GM Financial Receivables and Transactions62
Note 6.Inventories64
Note 7.Equipment on Operating Leases64
Note 8.Equity in Net Assets of Nonconsolidated Affiliates64
Note 9.Property67
Note 10.Goodwill and Intangible Assets67
Note 11.Variable Interest Entities68
Note 12.Accrued and Other Liabilities68
Note 13.Automotive and GM Financial Debt69
Note 14.Derivative Financial Instruments71
Note 15.Pensions and Other Postretirement Benefits72
Note 16.Commitments and Contingencies78
Note 17.Income Taxes82
Note 18.Restructuring and Other Initiatives86
Note 19.Interest Income and Other Non-Operating Income87
Note 20.Stockholders’ Equity and Noncontrolling Interests87
Note 21.Earnings Per Share89
Note 22.Discontinued Operations90
Note 23.Stock Incentive Plans92
Note 24.Supplementary Quarterly Financial Information (Unaudited)93
Note 25.Segment Reporting94
Page
Note 26.Supplemental Information for the Consolidated Statements of Cash Flows97
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure98
Item 9A.Controls and Procedures98
Item 9B.Other Information99
PART III
Item 10.Directors, Executive Officers and Corporate Governance100
Item 11.Executive Compensation100
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters100
Item 13.Certain Relationships and Related Transactions and Director Independence100
Item 14.Principal Accountant Fees and Services100
PART IV
Item 15.Exhibits101
Item 16.Form 10-K Summary104
Signatures105

GENERAL MOTORS COMPANY AND SUBSIDIARIES

PART I

Next: Item 1. Business