Cover and table of contents

10K characters. Original on sec.gov · Markdown

Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

Form 10-K

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

For the fiscal year ended December 31, 2019

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,Michigan48265-3000
(Address of principal executive offices)(Zip Code)

(313) 667-1500

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

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

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 ☑ 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 ☑

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 ☑

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 $54.7 billion as of June 30, 2019.

As of January 24, 2020 there were 1,429,002,063 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 Securities18
Item 6.Selected Financial Data19
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations19
Item 7A.Quantitative and Qualitative Disclosures About Market Risk39
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.Revenue58
Note 4.Marketable and Other Securities60
Note 5.GM Financial Receivables and Transactions61
Note 6.Inventories63
Note 7.Equipment on Operating Leases63
Note 8.Equity in Net Assets of Nonconsolidated Affiliates63
Note 9.Property66
Note 10.Goodwill and Intangible Assets66
Note 11.Variable Interest Entities67
Note 12.Accrued and Other Liabilities67
Note 13.Debt68
Note 14.Derivative Financial Instruments70
Note 15.Pensions and Other Postretirement Benefits71
Note 16.Commitments and Contingencies77
Note 17.Income Taxes82
Note 18.Restructuring and Other Initiatives84
Note 19.Interest Income and Other Non-Operating Income85
Note 20.Stockholders’ Equity and Noncontrolling Interests86
Note 21.Earnings Per Share88
Note 22.Discontinued Operations88
Note 23.Stock Incentive Plans89
Note 24.Supplementary Quarterly Financial Information (Unaudited)91
Note 25.Segment Reporting91
Page
Note 26.Supplemental Information for the Consolidated Statements of Cash Flows94
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure95
Item 9A.Controls and Procedures95
Item 9B.Other Information96
PART III
Item 10.Directors, Executive Officers and Corporate Governance96
Item 11.Executive Compensation96
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters96
Item 13.Certain Relationships and Related Transactions, and Director Independence96
Item 14.Principal Accounting Fees and Services96
PART IV
Item 15.Exhibits97
Item 16.Form 10-K Summary99
Signatures100

GENERAL MOTORS COMPANY AND SUBSIDIARIES

PART I

Next: Item 1. Business