Item 1. Condensed Consolidated Financial Statements

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Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net sales and revenue
Automotive	$	32,614	$	30,744	$	65,437	$	59,811
GM Financial	3,145		3,423		6,301		6,830
Total net sales and revenue (Note 3)	35,759		34,167		71,738		66,641
Costs and expenses
Automotive and other cost of sales	29,261		27,266		58,614		52,381
GM Financial interest, operating and other expenses	2,089		1,894		4,015		4,173
Automotive and other selling, general and administrative expense	2,293		2,125		4,797		3,928

Total costs and expenses	33,643		31,285		67,426		60,482
Operating income (loss)	2,116		2,882		4,313		6,159
Automotive interest expense	234		243		460		493
Interest income and other non-operating income, net	295		784		812		1,583

Equity income (loss) (Note 8)	(45)		327		247		692
Income (loss) before income taxes	2,132		3,750		4,912		7,941
Income tax expense (benefit) (Note 15)	490		971		462		2,148


Net income (loss)	1,642		2,779		4,449		5,793
Net loss (income) attributable to noncontrolling interests	50		57		181		65
Net income (loss) attributable to stockholders	$	1,692	$	2,836	$	4,631	$	5,858

Net income (loss) attributable to common stockholders	$	1,666	$	2,790	$	3,653	$	5,767

Earnings per share (Note 17)

Basic earnings per common share	$	1.14	$	1.92	$	2.51	$	3.98
Weighted-average common shares outstanding – basic	1,458		1,451		1,458		1,449


Diluted earnings per common share	$	1.14	$	1.90	$	2.49	$	3.93
Weighted-average common shares outstanding – diluted	1,465		1,468		1,468		1,466

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions) (Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021			June 30, 2022		June 30, 2021
Net income (loss)	$	1,642	$	2,779		$	4,449	$	5,793
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other	(349)		302			(10)		297
Defined benefit plans	275		28			378		188
Other comprehensive income (loss), net of tax	(74)		330			368		485
Comprehensive income (loss)	1,568		3,109			4,817		6,278
Comprehensive income (loss) attributable to noncontrolling interests	61		57			206		72
Comprehensive income (loss) attributable to stockholders	$	1,629	$	3,166		$	5,023	$	6,350

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts) (Unaudited)


	June 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	16,710	$	20,067
Marketable debt securities (Note 4)	10,124		8,609

Accounts and notes receivable, net of allowance of $214 and $192	12,417		7,394
GM Financial receivables, net of allowance of $782 and $703 (Note 5; Note 9 at VIEs)	28,479		26,649
Inventories (Note 6)	16,859		12,988

Other current assets (Note 4; Note 9 at VIEs)	6,504		6,396
Total current assets	91,094		82,103
Non-current Assets

GM Financial receivables, net of allowance of $1,245 and $1,183 (Note 5; Note 9 at VIEs)	38,227		36,167
Equity in net assets of nonconsolidated affiliates (Note 8)	9,733		9,677
Property, net	41,943		41,115
Goodwill and intangible assets, net	5,013		5,087
Equipment on operating leases, net (Note 7; Note 9 at VIEs)	35,307		37,929
Deferred income taxes	21,038		21,152
Other assets (Note 4; Note 9 at VIEs)	11,161		11,488
Total non-current assets	162,423		162,615
Total Assets	$	253,517	$	244,718

LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)	$	25,890	$	20,391
Short-term debt and current portion of long-term debt (Note 10)
Automotive	662		463
GM Financial (Note 9 at VIEs)	31,644		33,257
Accrued liabilities	21,203		20,297
Total current liabilities	79,398		74,408
Non-current Liabilities
Long-term debt (Note 10)
Automotive	16,121		16,355
GM Financial (Note 9 at VIEs)	61,960		59,304
Postretirement benefits other than pensions (Note 13)	5,629		5,743
Pensions (Note 13)	7,358		8,008
Other liabilities	14,677		15,085
Total non-current liabilities	105,744		104,495
Total Liabilities	185,142		178,903
Commitments and contingencies (Note 14)
Noncontrolling Interest - Cruise Stock Incentive Awards (Note 18)	115		—
Equity (Note 16)
Common stock, $0.01 par value	15		15
Additional paid-in capital	27,261		27,061
Retained earnings	45,554		41,937
Accumulated other comprehensive loss	(8,876)		(9,269)
Total stockholders’ equity	63,954		59,744
Noncontrolling interests	4,306		6,071
Total Equity	68,260		65,815
Total Liabilities and Equity	$	253,517	$	244,718

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) (Unaudited)


	Six Months Ended
	June 30, 2022		June 30, 2021
Cash flows from operating activities
Net income (loss)	$	4,449	$	5,793
Depreciation and impairment of Equipment on operating leases, net	2,427		3,218
Depreciation, amortization and impairment charges on Property, net	3,320		2,815
Foreign currency remeasurement and transaction (gains) losses	75		(25)

Undistributed earnings of nonconsolidated affiliates, net	(201)		16
Pension contributions and OPEB payments	(401)		(425)
Pension and OPEB income, net	(602)		(803)

Provision (benefit) for deferred taxes	79		1,813
Change in other operating assets and liabilities	(3,919)		(3,974)




Net cash provided by (used in) operating activities	5,228		8,428
Cash flows from investing activities
Expenditures for property	(3,829)		(2,451)
Available-for-sale marketable securities, acquisitions	(5,605)		(4,090)

Available-for-sale marketable securities, liquidations	3,838		6,926






Purchases of finance receivables, net	(17,229)		(17,485)
Principal collections and recoveries on finance receivables	13,660		11,946
Purchases of leased vehicles, net	(6,203)		(12,439)
Proceeds from termination of leased vehicles	7,549		10,868
Other investing activities	(409)		(285)


Net cash provided by (used in) investing activities	(8,227)		(7,010)
Cash flows from financing activities
Net increase (decrease) in short-term debt	1,015		2,365
Proceeds from issuance of debt (original maturities greater than three months)	23,596		25,955
Payments on debt (original maturities greater than three months)	(22,264)		(27,035)
Issuance (redemptions) of subsidiary preferred stock (Note 16)	(2,127)		1,736
Dividends paid	(81)		(94)
Other financing activities	(901)		(90)


Net cash provided by (used in) financing activities	(762)		2,837
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(66)		(7)
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,827)		4,248
Cash, cash equivalents and restricted cash at beginning of period	23,542		23,117
Cash, cash equivalents and restricted cash at end of period	$	19,715	$	27,365








Significant Non-cash Investing and Financing Activity
Non-cash property additions	$	4,163	$	3,668

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In millions) (Unaudited)


	Common Stockholders’											Noncontrolling Interests		Total Equity (Permanent Equity)		Noncontrolling Interest Cruise Stock Incentive Awards (Temporary Equity)
Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss
Balance at January 1, 2021	$	14		$	26,542		$	31,962		$	(13,488)	$	4,647	$	49,677	$	—

Net income (loss)	—			—			3,022			—		(8)		3,014		—
Other comprehensive income (loss)	—			—			—			162		(7)		155		—
Issuance (redemption) 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		—


Net income (loss)	—			—			2,836			—		(57)		2,779		—
Other comprehensive income (loss)	—			—			—			330		—		330		—
Issuance (redemption) of subsidiary preferred stock (Note 16)	—			—			—			—		199		199		—

Stock based compensation	—			177			(4)			—		—		173		—

Dividends to noncontrolling interests	—			—			—			—		(64)		(64)		—
Other	1			—			(14)			—		29		16		—
Balance at June 30, 2021	$	15		$	26,844		$	37,806		$	(12,996)	$	6,207	$	57,876	$	—























Balance at January 1, 2022	$	15		$	27,061		$	41,937		$	(9,269)	$	6,071	$	65,815	$	—

Net income (loss)	—			—			2,939			—		(131)		2,807		—
Other comprehensive income (loss)	—			—			—			456		(13)		442		—
Issuance (redemption) of subsidiary preferred stock (Note 16)	—			—			(909)			—		(1,215)		(2,124)		—

Stock based compensation	—			(31)			(1)			—		—		(32)		289

Dividends to noncontrolling interests	—			—			(12)			—		(1)		(14)		—
Other	—			(15)			(74)			—		(31)		(120)		—
Balance at March 31, 2022	15			27,015			43,879			(8,814)		4,679		66,774		289


Net income (loss)	—			—			1,692			—		(50)		1,642		—
Other comprehensive income (loss)	—			—			—			(62)		(12)		(74)		—
Issuance (redemption) of subsidiary preferred stock	—			—			—			—		(3)		(3)		—

Stock based compensation	—			93			—			—		—		93		—

Dividends to noncontrolling interests	—			—			—			—		(50)		(50)		—
Other	—			153			(17)			—		(258)		(122)		(174)
Balance at June 30, 2022	$	15		$	27,261		$	45,554		$	(8,876)	$	4,306	$	68,260	$	115

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

Amounts may not add due to rounding.

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 and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an autonomous vehicle (AV) 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 AV 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 are 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 2021 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

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 are 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 are 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. Significant Accounting Policies

The information presented on Stock Incentive Plans updates our Significant Accounting Policies information presented in our 2021 Form 10-K to reflect the effect of modifications made to Cruise stock incentive awards during the three months ended March 31, 2022. Refer to Note 18 to our condensed consolidated financial statements for additional information on the modifications made.

Stock Incentive Plans Our stock incentive plans include Restricted Stock Units (RSUs), Restricted Stock Awards (RSAs), Performance Stock Units (PSUs), stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula for stock options and PSUs. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. In March 2022, all outstanding RSUs that settle in Cruise’s common stock were modified to remove the liquidity vesting condition. Prospectively, RSUs that will settle in Cruise’s common stock will vest solely upon satisfaction of a service condition. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based generally on the fair value of GM or Cruise's common stock at the end of each reporting period. Compensation cost is also recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock has been issued for more than six months. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Accounting Standards Not Yet Adopted In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and enhances certain disclosure requirements. The adoption of ASU 2022-02 is expected to be insignificant.

Note 3. Revenue

The following table disaggregates our revenue by major source:


	Three Months Ended June 30, 2022
	GMNA		GMI		Corporate		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
Vehicle, parts and accessories	$	27,826	$	3,466	$	22	$	31,314	$	—	$	—	$	—	$	31,314
Used vehicles	137		6		—		143		—		—		—		143
Services and other	797		336		25		1,158		25		—		(25)		1,158
Automotive net sales and revenue	28,760		3,807		47		32,614		25		—		(25)		32,614
Leased vehicle income	—		—		—		—		—		1,989		—		1,989
Finance charge income	—		—		—		—		—		1,062		—		1,062
Other income	—		—		—		—		—		95		(1)		94
GM Financial net sales and revenue	—		—		—		—		—		3,146		(1)		3,145
Net sales and revenue	$	28,760	$	3,807	$	47	$	32,614	$	25	$	3,146	$	(26)	$	35,759


	Three Months Ended June 30, 2021
	GMNA		GMI		Corporate		Total Automotive		Cruise		GM Financial		Eliminations/ Reclassifications		Total
Vehicle, parts and accessories	$	26,993	$	2,475	$	2	$	29,470	$	—	$	—	$	—	$	29,470
Used vehicles	137		13		—		150		—		—		—		150
Services and other	802		304		19		1,125		25		—		(26)		1,124
Automotive net sales and revenue	27,932		2,792		21		30,745		25		—		(26)		30,744
Leased vehicle income	—		—		—		—		—		2,304		—		2,304
Finance charge income	—		—		—		—		—		1,036		—		1,036
Other income	—		—		—		—		—		86		(3)		83
GM Financial net sales and revenue	—		—		—		—		—		3,426		(3)		3,423
Net sales and revenue	$	27,932	$	2,792	$	21	$	30,745	$	25	$	3,426	$	(29)	$	34,167



	Six Months Ended June 30, 2022
	GMNA		GMI		Corporate		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
Vehicle, parts and accessories	$	56,398	$	6,479	$	27	$	62,904	$	—	$	—	$	—	$	62,904
Used vehicles	212		11		—		223		—		—		—		223
Services and other	1,606		630		73		2,309		51		—		(50)		2,310
Automotive net sales and revenue	58,216		7,120		100		65,437		51		—		(50)		65,437
Leased vehicle income	—		—		—		—		—		4,056		—		4,056
Finance charge income	—		—		—		—		—		2,072		—		2,072
Other income	—		—		—		—		—		175		(2)		173
GM Financial net sales and revenue	—		—		—		—		—		6,302		(2)		6,301
Net sales and revenue	$	58,216	$	7,120	$	100	$	65,437	$	51	$	6,302	$	(52)	$	71,738

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)



	Six Months Ended June 30, 2021
	GMNA		GMI		Corporate		Total Automotive		Cruise		GM Financial		Eliminations/ Reclassifications		Total
Vehicle, parts and accessories	$	51,913	$	5,276	$	2	$	57,191	$	—	$	—	$	—	$	57,191
Used vehicles	365		26		—		391		—		—		—		391
Services and other	1,611		576		38		2,225		55		—		(51)		2,229
Automotive net sales and revenue	53,889		5,878		40		59,807		55		—		(51)		59,811
Leased vehicle income	—		—		—		—		—		4,625		—		4,625
Finance charge income	—		—		—		—		—		2,052		—		2,052
Other income	—		—		—		—		—		156		(3)		153
GM Financial net sales and revenue	—		—		—		—		—		6,833		(3)		6,830
Net sales and revenue	$	53,889	$	5,878	$	40	$	59,807	$	55	$	6,833	$	(54)	$	66,641

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 $320 million and $350 million in the three months ended June 30, 2022 and 2021.

Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts of $2.9 billion and $2.5 billion at June 30, 2022 and December 31, 2021, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $307 million and $726 million related to contract liabilities in the three and six months ended June 30, 2022 and $294 million and $689 million in the three and six months ended June 30, 2021. We expect to recognize revenue of $901 million in the six months ending December 31, 2022 and $752 million, $428 million and $827 million in the years ending December 31, 2023, 2024 and thereafter related to contract liabilities at June 30, 2022.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 4. Marketable and Other Securities

The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:


	Fair Value Level	June 30, 2022		December 31, 2021
Cash and cash equivalents
Cash and time deposits		$	9,092	$	7,881
Available-for-sale debt securities
U.S. government and agencies	2	152		722
Corporate debt	2	3,371		5,321
Sovereign debt	2	955		2,105
Total available-for-sale debt securities – cash equivalents		4,478		8,148
Money market funds	1	3,140		4,038
Total cash and cash equivalents(a)		$	16,710	$	20,067
Marketable debt securities

U.S. government and agencies	2	$	2,921	$	2,071
Corporate debt	2	3,570		3,396
Mortgage and asset-backed	2	605		575
Sovereign debt	2	3,028		2,567
Total available-for-sale debt securities – marketable securities(b)		$	10,124	$	8,609
Restricted cash
Cash and cash equivalents		$	366	$	466
Money market funds	1	2,639		3,009
Total restricted cash		$	3,005	$	3,475

Available-for-sale debt securities included above with contractual maturities(c)
Due in one year or less		$	9,103
Due between one and five years		4,831
Total available-for-sale debt securities with contractual maturities		$	13,934

(a)Includes $1.8 billion and $1.6 billion in Cruise at June 30, 2022 and December 31, 2021.

(b)Includes $1.8 billion and $1.5 billion in Cruise at June 30, 2022 and December 31, 2021.

(c)Excludes mortgage and asset-backed securities of $605 million at June 30, 2022 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 $494 million and $557 million in the three months ended June 30, 2022 and 2021 and $1.0 billion and $1.1 billion in the six months ended June 30, 2022 and 2021. Net unrealized losses on available-for-sale debt securities were insignificant in the three months ended June 30, 2022 and 2021. Net unrealized losses on available-for-sale debt were $261 million and insignificant in the six months ended June 30, 2022 and 2021. Cumulative unrealized losses on available-for-sale debt securities were $276 million and insignificant at June 30, 2022 and December 31, 2021.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total shown in the condensed consolidated statement of cash flows:


	June 30, 2022
Cash and cash equivalents	$	16,710
Restricted cash included in Other current assets	2,509
Restricted cash included in Other assets	496
Total	$	19,715

Note 5. GM Financial Receivables and Transactions


	June 30, 2022						December 31, 2021
	Retail		Commercial(a)		Total		Retail		Commercial(a)		Total


GM Financial receivables, net of fees	$	61,208	$	7,526	$	68,733	$	58,093	$	6,609	$	64,702
Less: allowance for loan losses	(1,987)		(40)		(2,027)		(1,839)		(47)		(1,886)
GM Financial receivables, net	$	59,220	$	7,486	$	66,706	$	56,254	$	6,562	$	62,816

Fair value of GM Financial receivables utilizing Level 2 inputs					$	7,486					$	6,562
Fair value of GM Financial receivables utilizing Level 3 inputs					$	58,528					$	57,613

(a)Net of dealer cash management balances of $1.3 billion and $1.0 billion at June 30, 2022 and December 31, 2021. 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				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Allowance for loan losses at beginning of period	$	1,928	$	1,835	$	1,886	$	1,978

Provision for loan losses	198		59		320		33
Charge-offs	(247)		(204)		(521)		(457)
Recoveries	161		146		339		296
Effect of foreign currency	(14)		14		4		—
Allowance for loan losses at end of period	$	2,027	$	1,850	$	2,027	$	1,850

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 June 30, 2022 and December 31, 2021:


	Year of Origination												June 30, 2022
	2022		2021		2020		2019		2018		Prior		Total		Percent
Prime – FICO score 680 and greater	$	12,052	$	16,089	$	9,915	$	3,048	$	1,574	$	464	$	43,141	70.5	%
Near-prime – FICO score 620 to 679	1,704		3,183		1,883		932		459		204		8,366		13.7	%
Sub-prime – FICO score less than 620	1,826		3,323		1,986		1,356		699		512		9,701		15.8	%
Retail finance receivables, net of fees	$	15,582	$	22,595	$	13,784	$	5,337	$	2,732	$	1,179	$	61,208	100.0	%

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)


	Year of Origination												December 31, 2021
	2021		2020		2019		2018		2017		Prior		Total		Percent
Prime – FICO score 680 and greater	$	19,729	$	12,408	$	4,078	$	2,298	$	763	$	143	$	39,419	67.9	%
Near-prime – FICO score 620 to 679	3,856		2,388		1,229		648		274		84		8,479		14.6	%
Sub-prime – FICO score less than 620	4,053		2,528		1,777		972		570		295		10,195		17.5	%
Retail finance receivables, net of fees	$	27,638	$	17,324	$	7,084	$	3,918	$	1,607	$	522	$	58,093	100.0	%

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 $583 million and $602 million at June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021, as well as summary totals for June 30, 2021:


	Year of Origination												June 30, 2022				June 30, 2021
	2022		2021		2020		2019		2018		Prior		Total		Percent		Total		Percent
0-to-30 days	$	15,468	$	22,088	$	13,426	$	5,076	$	2,577	$	1,046	$	59,681	97.5	%	$	55,187	97.9	%
31-to-60 days	88		369		262		193		117		99		1,129		1.8	%	856		1.5	%
Greater-than-60 days	23		118		87		62		35		31		355		0.6	%	286		0.5	%
Finance receivables more than 30 days delinquent	111		487		350		254		152		130		1,484		2.4	%	1,142		2.0	%
In repossession	3		19		9		6		3		3		43		0.1	%	28		0.1	%
Finance receivables more than 30 days delinquent or in repossession	114		506		358		260		155		133		1,527		2.5	%	1,170		2.1	%
Retail finance receivables, net of fees	$	15,582	$	22,595	$	13,784	$	5,337	$	2,732	$	1,179	$	61,208	100.0	%	$	56,357	100.0	%


	Year of Origination												December 31, 2021
	2021		2020		2019		2018		2017		Prior			Total		Percent
0-to-30 days	$	27,270	$	16,945	$	6,772	$	3,721	$	1,478	$	440		$	56,626	97.5	%
31-to-60 days	273		276		230		147		97		60			1,083		1.8	%
Greater-than-60 days	83		93		76		46		30		21			349		0.6	%
Finance receivables more than 30 days delinquent	356		369		306		193		127		81			1,432		2.4	%
In repossession	12		10		6		4		2		1			35		0.1	%
Finance receivables more than 30 days delinquent or in repossession	368		379		312		197		129		82			1,467		2.5	%
Retail finance receivables, net of fees	$	27,638	$	17,324	$	7,084	$	3,918	$	1,607	$	522		$	58,093	100.0	%

The outstanding amortized cost of retail finance receivables that are considered TDRs was $1.9 billion at June 30, 2022, including $200 million in nonaccrual loans.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. There were no commercial finance receivables on nonaccrual status at June 30, 2022.

GM Financial's commercial risk model and risk rating categories are as follows:


Rating						Description
I						Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II						Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III						Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected.
IV						Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable.

Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at June 30, 2022 and December 31, 2021:


	Year of Origination														June 30, 2022
	Revolving		2022		2021		2020		2019		2018		Prior		Total		Percent
I	$	5,954	$	339	$	390	$	387	$	99	$	42	$	38	$	7,249	96.3	%
II	184		15		1		—		12		—		2		214		2.8	%
III	59		1		2		—		1		—		—		63		0.8	%
IV	—		—		—		—		—		—		—		—		—	%
Commercial finance receivables, net of fees	$	6,197	$	355	$	392	$	387	$	112	$	42	$	40	$	7,526	100.0	%


	Year of Origination														December 31, 2021
	Revolving		2021		2020		2019		2018		2017		Prior			Total		Percent
I	$	5,210	$	420	$	396	$	120	$	50	$	50	$	10		$	6,256	94.7	%
II	207		3		16		12		—		3		—			241		3.6	%
III	81		8		15		2		—		2		4			112		1.7	%
IV	—		—		—		—		—		—		—			—		—	%
Commercial finance receivables, net of fees	$	5,498	$	431	$	427	$	134	$	50	$	55	$	14		$	6,609	100.0	%

Floorplan advances comprise 93% and 94% of the total revolving balance at June 30, 2022 and December 31, 2021. Dealer term loans are presented by year of origination.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.


	June 30, 2022		December 31, 2021
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers	$	133	$	163

Subvention receivable(b)	$	475	$	282

Commercial loan funding payable	$	41	$	26


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables	$	235	$	211	$	455	$	399
Leased vehicle subvention earned	$	500	$	704	$	1,047	$	1,425

(a)All balance sheet amounts are eliminated upon consolidation.

(b)Our Automotive segments made cash payments to GM Financial for subvention of $561 million and $1.0 billion in the three months ended June 30, 2022 and 2021 and $1.0 billion and $2.0 billion in the six months ended June 30, 2022 and 2021.

GM Financial's Board of Directors declared and paid dividends of $750 million and $600 million on its common stock in the three months ended June 30, 2022 and 2021 and $750 million and $1.2 billion in the six months ended June 30, 2022 and 2021.

Note 6. Inventories


	June 30, 2022		December 31, 2021
Total productive material, supplies and work in process	$	10,698	$	8,240
Finished product, including service parts	6,161		4,748
Total inventories	$	16,859	$	12,988

Inventories at June 30, 2022 and December 31, 2021 include vehicles that were manufactured without certain components as a result of supply chain disruptions, including with respect to semiconductors.

Note 7. Equipment on Operating Leases

Equipment on operating leases consists of leases to retail customers of GM Financial.


	June 30, 2022		December 31, 2021
Equipment on operating leases	$	43,925	$	47,423
Less: accumulated depreciation	(8,618)		(9,494)
Equipment on operating leases, net	$	35,307	$	37,929

The estimated residual value of our leased assets at the end of the lease term was $26.9 billion and $29.1 billion at June 30, 2022 and December 31, 2021.

Depreciation expense related to Equipment on operating leases, net was $1.2 billion and $1.5 billion in the three months ended June 30, 2022 and 2021 and $2.4 billion and $3.2 billion in the six months ended June 30, 2022 and 2021.

The following table summarizes lease payments due to GM Financial on leases to retail customers:


	Year Ending December 31,
	2022		2023		2024		2025		2026		Thereafter		Total
Lease receipts under operating leases	$	2,791	$	4,179	$	1,977	$	422	$	22	$	—	$	9,393

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 8. Equity in Net Assets of Nonconsolidated Affiliates

Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income (loss).


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Automotive China equity income (loss)	$	(87)	$	276	$	147	$	584
Other joint ventures equity income (loss)	42		51		100		108
Total Equity income (loss)	$	(45)	$	327	$	247	$	692

There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2021.


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales	$	6,083	$	8,954	$	15,074	$	18,830
Automotive China JVs' net income (loss)	$	(207)	$	527	$	298	$	1,113

Dividends declared but not paid from our nonconsolidated affiliates were $878 million and an insignificant amount at June 30, 2022 and December 31, 2021. Dividends received from our nonconsolidated affiliates were insignificant in the three and six months ended June 30, 2022 and $693 million and $709 million in the three and six months ended June 30, 2021. Undistributed earnings from our nonconsolidated affiliates were $2.3 billion and $2.1 billion at June 30, 2022 and December 31, 2021. In July 2022, approximately $400 million of the dividends declared from our nonconsolidated affiliates were paid.

Note 9. Variable Interest Entities

Consolidated VIEs

Automotive Financing – GM Financial

GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:


	June 30, 2022		December 31, 2021
Restricted cash – current	$	2,309	$	2,291
Restricted cash – non-current	$	410	$	449
GM Financial receivables, net of fees – current	$	15,816	$	15,344
GM Financial receivables, net of fees – non-current	$	16,077	$	16,518
GM Financial equipment on operating leases, net	$	16,266	$	16,143
GM Financial short-term debt and current portion of long-term debt	$	17,626	$	19,876
GM Financial long-term debt	$	20,417	$	19,401

GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over the remaining life of the finance receivables.

Nonconsolidated VIEs

Automotive

Nonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets were approximately $1.2 billion and liabilities were insignificant related to our nonconsolidated VIEs at June 30, 2022. The carrying amounts of assets were approximately $850 million and liabilities were insignificant related to our nonconsolidated VIEs at December 31, 2021. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $3.2 billion and $2.1 billion, inclusive of approximately $1.9 billion and $1.2 billion in committed capital contributions to Ultium Cells LLC, at June 30, 2022 and December 31, 2021. Our maximum exposure to loss, and required capital contributions, could increase by $750 million depending on Ultium Cells LLC’s ability to raise debt proceeds. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance.

Note 10. Debt

Automotive The following table presents debt in our automotive operations:


	June 30, 2022					December 31, 2021
	Carrying Amount		Fair Value			Carrying Amount		Fair Value
Secured debt	$	147	$	153		$	192	$	212
Unsecured debt(a)	16,335		16,017			16,277		19,995
Finance lease liabilities	302		303			349		362
Total automotive debt(b)	$	16,783	$	16,473		$	16,818	$	20,569

Fair value utilizing Level 1 inputs			$	15,144				$	19,085
Fair value utilizing Level 2 inputs			$	1,329				$	1,484


Available under credit facility agreements(c)			$	15,111				$	15,208
Weighted-average interest rate on outstanding short-term debt(d)			14.1		%			9.8		%
Weighted-average interest rate on outstanding long-term debt(d)			5.7		%			5.8		%

(a)Primarily consists of senior notes.

(b)Includes net discount and debt issuance costs of $511 million and $512 million at June 30, 2022 and December 31, 2021.

(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.

(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

In April 2022, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures on April 4, 2023.

GM Financial The following table presents debt of GM Financial:


	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt	$	38,095	$	37,584	$	39,338	$	39,401
Unsecured debt	55,509		53,148		53,223		54,357
Total GM Financial debt	$	93,603	$	90,732	$	92,561	$	93,758

Fair value utilizing Level 2 inputs			$	89,003			$	92,250
Fair value utilizing Level 3 inputs			$	1,729			$	1,508

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 9 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the six months ended June 30, 2022, GM Financial renewed revolving credit facilities with total borrowing capacity of $10.6 billion and issued $12.3 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.57% and maturity dates ranging from 2023 to 2029.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the six months ended June 30, 2022, GM Financial issued $7.6 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.35% and maturity dates ranging from 2024 to 2032.

Note 11. Derivative Financial Instruments

Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:


	Fair Value Level	June 30, 2022		December 31, 2021






Derivatives not designated as hedges(a)
Foreign currency	2	$	4,948	$	4,228

Commodity	2	1,245		1,549
Stellantis warrants(b)	2	42		45
Total derivative financial instruments		$	6,235	$	5,822

(a)The fair value of these derivative instruments at June 30, 2022 and December 31, 2021 and the gains/losses included in our condensed consolidated income statements for the three and six months ended June 30, 2022 and 2021 were insignificant, unless otherwise noted.

(b)Our 39.7 million warrants in Stellantis N.V. (Stellantis) may be exercised at any time, in one or more tranches, from August 2022 through July 2026. Upon exercise, the warrants will convert into 69.2 million common shares of Stellantis. The fair value of these warrants, located in Other assets, was $1.0 billion and $1.4 billion at June 30, 2022 and December 31, 2021. We recorded a loss in Interest income and other non-operating income, net of $221 million and a gain of $154 million in the three months ended June 30, 2022 and 2021 and a loss of $419 million and a gain of $364 million in the six months ended June 30, 2022 and 2021.

We estimate the fair value of the Stellantis warrants using a Black-Scholes formula. The significant inputs to the model include the Stellantis stock price and the estimated dividend yield. We are entitled to receive any dividends declared by Stellantis through the conversion date upon exercise of the warrants.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:


	Fair Value Level	June 30, 2022						December 31, 2021
		Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps	2	$	21,600	$	2	$	536	$	15,058	$	74	$	88
Foreign currency swaps	2	—		—		—		682		—		59
Cash flow hedges
Interest rate swaps	2	806		25		—		611		12		4
Foreign currency swaps	2	7,444		7		649		7,419		85		201
Derivatives not designated as hedges(a)
Interest rate contracts	2	109,673		1,526		1,183		110,053		846		339
Foreign currency contracts	2	—		—		—		148		—		—
Total derivative financial instruments(b)		$	139,523	$	1,560	$	2,368	$	133,971	$	1,017	$	691

(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.

(b)GM Financial held $272 million and $376 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $864 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at June 30, 2022 and December 31, 2021.

The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.

The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:


	June 30, 2022				December 31, 2021
	Carrying Amount of Hedged Items		Cumulative Amount of Fair Value Hedging Adjustments(a)		Carrying Amount of Hedged Items		Cumulative Amount of Fair Value Hedging Adjustments(a)
Short-term unsecured debt	$	3,042	$	8	$	1,338	$	(1)
Long-term unsecured debt	25,604		446		23,626		(225)
GM Financial unsecured debt	$	28,646	$	454	$	24,964	$	(226)

(a)Includes an insignificant amount and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at June 30, 2022 and December 31, 2021.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 12. Product Warranty and Related Liabilities


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Product Warranty and Related Liabilities
Warranty balance at beginning of period	$	9,302	$	8,077	$	9,774	$	8,242
Warranties issued and assumed in period – recall campaigns	189		1,328		322		1,449
Warranties issued and assumed in period – product warranty	449		463		909		905
Payments	(1,012)		(786)		(2,088)		(1,519)
Adjustments to pre-existing warranties	77		81		72		92
Effect of foreign currency and other	(35)		17		(19)		11
Warranty balance at end of period	8,969		9,180		8,969		9,180
Less: Supplier recoveries balance at end of period(a)	1,637		190		1,637		190
Warranty balance, net of supplier recoveries at end of period	$	7,332	$	8,990	$	7,332	$	8,990

(a)The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets.


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Product Warranty Expense, Net of Recoveries
Warranties issued and assumed in period	$	638	$	1,791	$	1,231	$	2,354
Supplier recoveries accrued in period	(81)		(88)		(138)		(160)
Adjustments and other	41		98		53		103
Warranty expense, net of supplier recoveries	$	598	$	1,801	$	1,146	$	2,297

We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at June 30, 2022. Refer to Note 14 to our condensed consolidated financial statements for more details.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 13. Pensions and Other Postretirement Benefits


	Three Months Ended June 30, 2022							Three Months Ended June 30, 2021
	Pension Benefits				Global OPEB Plans			Pension Benefits					Global OPEB Plans
	U.S.		Non-U.S.				U.S.			Non-U.S.
Service cost	$	58	$	33	$	4		$	66		$	32	$	5
Interest cost	323		74		37			268			61		31
Expected return on plan assets	(750)		(135)		—			(794)			(158)		—
Amortization of prior service cost (credit)	—		1		(2)			(1)			2		(1)
Amortization of net actuarial losses	4		34		17			6			54		23


Net periodic pension and OPEB (income) expense	$	(365)	$	7	$	56		$	(455)		$	(9)	$	58



	Six Months Ended June 30, 2022							Six Months Ended June 30, 2021
	Pension Benefits				Global OPEB Plans			Pension Benefits					Global OPEB Plans
	U.S.		Non-U.S.				U.S.			Non-U.S.
Service cost	$	116	$	68	$	8		$	131		$	70	$	9
Interest cost	646		150		74			537			120		62
Expected return on plan assets	(1,500)		(274)		—			(1,589)			(310)		—
Amortization of prior service cost (credit)	(1)		2		(3)			(2)			3		(3)
Amortization of net actuarial losses	9		69		34			13			108		48

Net periodic pension and OPEB (income) expense	$	(730)	$	15	$	113		$	(910)		$	(9)	$	116

The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $376 million and $485 million in the three months ended June 30, 2022 and 2021 and $752 million and $968 million in the six months ended June 30, 2022 and 2021 are presented in Interest income and other non-operating income, net.

Note 14. Commitments and Contingencies

Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. We had accruals of $1.3 billion and $1.4 billion in Accrued liabilities and Other liabilities at June 30, 2022 and December 31, 2021. In many matters, it is inherently difficult to determine whether loss is probable or reasonably possible or to estimate the size or range of the possible loss. Accordingly, adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period.

GM Korea Wage Litigation GM Korea Company (GM Korea) is party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018 and September 2020, the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed the May 2018 and September 2020 orders. In June 2020, the Seoul High Court (an intermediate-level appellate court) ruled against GM Korea in one of the subcontract worker claims. Although GM Korea has appealed this decision to the Supreme Court of the Republic of Korea (Korea Supreme Court), GM Korea has since hired certain of its subcontract workers as full-time employees. At June 30, 2022, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $249 million. We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $95 million at June 30, 2022. We are currently unable to estimate any possible loss or range of loss that may result from additional claims that may be asserted by former subcontract workers.

Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including, but not limited to, matters arising out of alleged product defects; employment-related matters; product and workplace

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources.

There are several putative class actions pending against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that various vehicles sold, including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including a shareholder demand lawsuit that remains pending.

We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. It is possible that the resolution of one or more of these matters could exceed the amounts accrued in an amount that could be material to our results of operations. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time. Historically, relatively few classes have been certified in these types of cases. Therefore, we will generally only disclose specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company.

Indirect tax-related matters are being litigated globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax-related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation matters. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. Some of the matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that could not be reasonably estimated at June 30, 2022. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $1.0 billion at June 30, 2022.

Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy, and we believe the currently accrued amount remains reasonable.

GM has recalled certain vehicles sold outside of the U.S. to replace Takata Corporation (Takata) inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls relating to these inflators could be material to our results of operations and cash flows.

There are several putative class actions that have been filed against GM, including in the federal courts in the U.S., in the Provincial Courts in Canada, and in Mexico, arising out of allegations that airbag inflators manufactured by Takata are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of possible loss.

Chevrolet Bolt Recall In July 2021, we initiated a voluntary recall for certain 2017-2019 model year Chevrolet Bolt EVs due to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles. Accordingly, in the three months ended June 30, 2021, we recorded a warranty accrual of $812 million. After further investigation into the manufacturing processes at our battery supplier, LG Energy Solutions (LG), and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population. As a result, in August 2021, we expanded the recall to include all 2017-2022 model year Chevrolet Bolt EV and Electric Utility Vehicles (EUVs) and recorded an additional warranty accrual of $1.2 billion in the three months ended September 30, 2021. In October 2021, we reached an agreement with LG, under which LG will reimburse GM for costs and expenses associated with the recall. As a result, in the three months ended September 30, 2021, we recognized a receivable of $1.9 billion, which substantially offsets the warranty charges we recognized in connection with the recall. These charges reflect our current best estimate for the cost of the recall remedy. The actual costs of the recall and GM's associated recovery from LG could be higher or lower. For

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

2017-2019 model year vehicles, the recall remedy will be to replace the high voltage battery modules in these vehicles with new modules. For 2020-2022 model year vehicles, the recall remedy will be to replace any defective high voltage battery modules in these vehicles with new modules.

In addition, putative class actions have been filed against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that the batteries contained in the Bolt EVs and EUVs included in the recall population are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of possible loss.

Opel/Vauxhall Sale In 2017, we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group (now Stellantis) under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. Our wholly owned subsidiary (the Seller) agreed to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including certain emissions and product liabilities. Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the United Kingdom, and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. The Company entered into a guarantee for the benefit of Stellantis, pursuant to which the Company agreed to guarantee the Seller's obligation to indemnify Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments.

Patent Royalty Matters Several owners of patents are seeking past royalties from various automotive manufacturers, including GM, for the use of certain technologies. As of December 31, 2021, we had accrued approximately $300 million relating to these matters. We have resolved substantially all of these matters and, accordingly, reduced our total accrual by $100 million in the three months ended March 31, 2022. We currently anticipate no material reasonably possible loss in excess of amounts accrued.

Product Liability We recorded liabilities of $617 million and $587 million in Accrued liabilities and Other liabilities at June 30, 2022 and December 31, 2021 for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage.

Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2022 to 2026 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on vehicles sold to date were $3.4 billion and $3.1 billion for these guarantees at June 30, 2022 and December 31, 2021, the majority of which relates to the indemnification agreements.

We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies.

We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 15. Income Taxes

In the three months ended June 30, 2022 and 2021, Income tax expense of $490 million and $971 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation.

In the six months ended June 30, 2022, Income tax expense of $462 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by the release of a valuation allowance against certain Cruise deferred tax assets that were considered realizable due to the reconsolidation of Cruise for U.S. tax purposes. In the six months ended June 30, 2021, Income tax expense of $2.1 billion was primarily due to tax expense attributable to entities included in our effective tax rate calculation and the establishment of a valuation allowance against Cruise deferred tax assets that were considered no longer realizable.

In the six months ended June 30, 2022, GM entered into a Share Purchase Agreement with SoftBank Vision Fund (AIV M2) L.P. (SoftBank), pursuant to which GM acquired SoftBank’s equity ownership stake in GM Cruise Holdings LLC (Cruise Holdings) and separately, made an additional $1.35 billion investment in Cruise in place of SoftBank. As of March 31, 2022, GM’s ownership in Cruise increased above the 80% threshold which allowed for inclusion of Cruise in our U.S. Federal consolidated income tax return and the release of a valuation allowance of $482 million against certain Cruise deferred tax assets. Refer to Note 16 to our condensed consolidated financial statements for additional information regarding the Share Purchase Agreement with SoftBank.

At June 30, 2022, we had $20.2 billion of net deferred tax assets consisting of net operating losses and income tax credits, capitalized research expenditures and other timing differences that are available to offset future income tax liabilities, partially offset by valuation allowances.

Note 16. Stockholders' Equity and Noncontrolling Interests

We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at June 30, 2022 and December 31, 2021. We had 1.5 billion shares of common stock issued and outstanding at June 30, 2022 and December 31, 2021.

Cruise Preferred Shares In 2021, Cruise Holdings issued $2.7 billion of Class G Preferred Shares (Cruise Class G Preferred Shares) to Microsoft Corporation (Microsoft), Walmart Inc. (Walmart) and other investors, including $1.0 billion to General Motors Holdings LLC. All proceeds related to the Cruise Class G Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise Holdings. In addition, we, Cruise Holdings and Microsoft entered into a long-term strategic relationship to accelerate the commercialization of self-driving vehicles with Microsoft being the preferred public cloud provider.

The Cruise Class G Preferred Shares participate pari passu with holders of Cruise Holdings common stock and Class F Preferred Shares (Cruise Class F Preferred Shares) in any dividends declared. The Cruise Class G and Cruise Class F Preferred Shares convert into the class of shares to be issued to the public in an initial public offering (IPO) at specified exchange ratios. No covenants or other events of default exist that can trigger redemption of the Cruise Class G and Cruise Class F Preferred Shares. The Cruise Class G and Cruise Class F Preferred Shares are entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation or dissolution of Cruise Holdings, and are classified as noncontrolling interests in our condensed consolidated financial statements.

In March 2022, under the Share Purchase Agreement, we acquired SoftBank’s Cruise Class A-1, Class F and Class G Preferred Shares for $2.1 billion and made an additional $1.35 billion investment in Cruise in place of SoftBank. SoftBank no longer has an ownership interest in or has any rights with respect to Cruise.

Cruise Common Shares In the three months ended June 30, 2022, Cruise Holdings issued $0.7 billion of Class B Common Shares to settle vested awards under Cruise's 2018 Employee Incentive Plan. In addition, Cruise Holdings issued $0.4 billion of Class B Common Shares, primarily to us, to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. Also, GM conducted a quarterly tender offer and paid $0.2 billion in cash to settle tendered Cruise Class B Common Shares. The Class B Common Shares are classified as noncontrolling interests in our condensed consolidated financial statements except for certain shares that are liability classified that have a recorded value of $0.4 billion at June 30, 2022. Refer to Note 18 for additional information on Cruise stock incentive awards.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Net income attributable to shareholders and transfers to the noncontrolling interest in Cruise was $2.0 billion, which includes the $909 million decrease in retained earnings for the redemption of Cruise preferred shares for the period ended March 31, 2022. The effect on the equity attributable to us for the changes in our ownership interest in Cruise and other subsidiaries during the three months ended June 30, 2022 was insignificant.

The following table summarizes the significant components of Accumulated other comprehensive loss:


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Foreign Currency Translation Adjustments
Balance at beginning of period	$	(2,256)	$	(2,759)	$	(2,653)	$	(2,735)
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)	(301)		314		96		290
Balance at end of period	$	(2,557)	$	(2,445)	$	(2,557)	$	(2,445)

Defined Benefit Plans
Balance at beginning of period	$	(6,425)	$	(10,494)	$	(6,528)	$	(10,654)
Other comprehensive income (loss) before reclassification adjustment, net of tax(b)	226		(48)		278		38
Reclassification adjustment, net of tax(b)	49		76		100		150
Other comprehensive income (loss), net of tax(b)	275		28		378		188
Balance at end of period(c)	$	(6,150)	$	(10,466)	$	(6,150)	$	(10,466)

(a)The noncontrolling interests and reclassification adjustment were insignificant in the three and six months ended June 30, 2022 and 2021.

(b)The income tax effect was insignificant in the three and six months ended June 30, 2022 and 2021.

(c)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2021 Form 10-K for additional information.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 17. Earnings Per Share


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Basic earnings per share
Net income (loss) attributable to stockholders	$	1,692	$	2,836	$	4,631	$	5,858
Less: cumulative dividends on subsidiary preferred stock(a)	(26)		(46)		(978)		(91)


Net income (loss) attributable to common stockholders	$	1,666	$	2,790	$	3,653	$	5,767

Weighted-average common shares outstanding	1,458		1,451		1,458		1,449



Basic earnings per common share	$	1.14	$	1.92	$	2.51	$	3.98
Diluted earnings per share


Net income (loss) attributable to common stockholders – diluted	$	1,666	$	2,790	$	3,653	$	5,767

Weighted-average common shares outstanding – basic	1,458		1,451		1,458		1,449
Dilutive effect of awards under stock incentive plans	7		17		10		17
Weighted-average common shares outstanding – diluted	1,465		1,468		1,468		1,466



Diluted earnings per common share	$	1.14	$	1.90	$	2.49	$	3.93
Potentially dilutive securities(b)	10		2		10		2

(a)Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the six months ended June 30, 2022.

(b)Potentially dilutive securities attributable to outstanding stock options at June 30, 2022 and 2021 and RSUs at June 30, 2022, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

Note 18. Stock Incentive Plans

GM Stock Incentive Awards We grant to certain employees RSUs, RSAs, PSUs and stock options (collectively, stock incentive awards). Total compensation expense related to the above awards was $94 million and $139 million in the three months ended June 30, 2022 and 2021 and $172 million and $204 million in the six months ended June 30, 2022 and 2021. At June 30, 2022, the total unrecognized compensation expense for nonvested equity awards granted was $423 million. This expense is expected to be recorded over a weighted-average period of 1.7 years.

Cruise Stock Incentive Awards Cruise granted RSUs and stock options that will settle in common shares of Cruise Holdings in the six months ended June 30, 2022 and 2021. In March 2022, Cruise modified its RSUs that settle in Cruise Class B Common Shares to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfaction of a service condition. The service condition for the majority of these awards is satisfied over four years. Upon modification, 31 million RSUs whose service condition was previously met became immediately vested, thereby resulting in the immediate recognition of compensation expense. In addition, at Cruise's election, GM intends to conduct quarterly tender offers whereby, holders of Cruise Class B Common Shares issued to settle vested awards can tender their shares generally at the fair value of Cruise’s common stock. The planned tenders result in certain awards to be classified as liabilities and other awards to be presented in temporary equity, which triggers the immediate recognition of incremental compensation expense associated with the stock options. These awards were granted under Cruise's 2018 Employee Incentive Plan approved by Cruise Holdings' Board of Directors in August 2018. Shares awarded under the plan are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. Stock options vest ratably over four to 10 years, as defined in the terms of each award. Stock options expire 10 years from the grant date.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)



	Cruise Restricted Stock Units				Cruise Stock Options
	Shares (in millions)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term in Years	Shares (in millions)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term in Years

Units outstanding at January 1, 2022	66.2	$	18.82	8.1	23.8	$	7.07	2.0
Granted	34.5	$	27.74		2.9	$	15.77
Settled or exercised	(35.8)	$	29.00		(2.2)	$	20.97
Forfeited or expired	(4.5)	$	25.56		—	$	—
Units outstanding at June 30, 2022(a)	60.4	$	29.00	1.6	24.6	$	18.79	2.0

(a) Weighted average fair values include the impact of the remeasurement triggered by the modification. Post modification, certain awards are liability-awards resulting in ongoing remeasurement based on changes to the awards' fair value.

Our weighted-average assumptions used to value Cruise stock options are a dividend yield of 0.00% and 0.00%, expected volatility of 57.3% and 55.0%, a risk-free interest rate of 2.47% and 0.78% and an expected option life of 6.57 and 6.25 years for options issued during the six months ended June 30, 2022 and 2021. The expected volatility is based on the historical volatility of comparable public company data as Cruise Holdings is not publicly traded and therefore, does not have any trading history of its common stock.

Total compensation expense related to Cruise Holdings' share-based awards was $158 million for the three months ended June 30, 2022 and an insignificant amount for three months ended June 30, 2021. Total compensation expense related to Cruise Holdings' share-based awards was $1.3 billion for the six months ended June 30, 2022, which, when excluding the compensation expense for the three months ended June 30, 2022, primarily represents the impact of the modification to outstanding awards, and an insignificant amount for the six months ended June 30, 2021. During the three months ended June 30, 2022, GM conducted a quarterly tender offer and paid $0.2 billion in cash to settle tendered Cruise Class B Common Shares. No cash was paid to settle share-based awards for the three months ended March 31, 2022. Total unrecognized compensation expense for Cruise Holdings’ nonvested equity awards granted was $1.9 billion at June 30, 2022. Total units outstanding were 85 million at June 30, 2022. The expense related to RSUs and stock options is expected to be recorded over a weighted-average period of 1.7 years.

Note 19. 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

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

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
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
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 income																	73
Automotive interest expense																	(234)
Net income (loss) attributable to noncontrolling interests																	(50)
Income (loss) before income taxes																	2,132
Income tax benefit (expense)																	(490)
Net income (loss)																	1,642

Net loss (income) attributable to noncontrolling interests																	50
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
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
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 income																	32
Automotive interest expense																	(243)
Net income (loss) attributable to noncontrolling interests																	(57)
Income (loss) before income taxes																	3,750
Income tax benefit (expense)																	(971)
Net income (loss)																	2,779

Net loss (income) attributable to noncontrolling interests																	57
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.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)



	At and For the Six Months Ended June 30, 2022
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
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 income																	123
Automotive interest expense																	(460)
Net income (loss) attributable to noncontrolling interests																	(181)
Income (loss) before income taxes																	4,912
Income tax benefit (expense)																	(462)
Net income (loss)																	4,449

Net loss (income) attributable to noncontrolling interests																	181
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
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
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 income																	64
Automotive interest expense																	(493)
Net income (loss) attributable to noncontrolling interests																	(65)
Income (loss) before income taxes																	7,941
Income tax benefit (expense)																	(2,148)
Net income (loss)																	5,793

Net loss (income) attributable to noncontrolling interests																	65
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

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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