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Cover and table of contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2023
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)
| Delaware | 27-0756180 | ||||||||||||||||||||||||||||||||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||||||||||||
| 300 Renaissance Center, | Detroit, | Michigan | 48265 | -3000 | |||||||||||||||||||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) |
(313) 667-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.01 par value | GM | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of April 14, 2023 there were 1,390,123,499 shares of common stock outstanding.
INDEX
| Page | |||||||||||
| PART I | |||||||||||
| Item 1. | Condensed Consolidated Financial Statements | 1 | |||||||||
| Condensed Consolidated Income Statements (Unaudited) | 1 | ||||||||||
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 1 | ||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | 2 | ||||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | 3 | ||||||||||
| Condensed Consolidated Statements of Equity (Unaudited) | 4 | ||||||||||
| Notes to Condensed Consolidated Financial Statements | 5 | ||||||||||
| Note 1. | Nature of Operations and Basis of Presentation | 5 | |||||||||
| Note 2. | Revenue | 6 | |||||||||
| Note 3. | Marketable and Other Securities | 7 | |||||||||
| Note 4. | GM Financial Receivables and Transactions | 8 | |||||||||
| Note 5. | Inventories | 11 | |||||||||
| Note 6. | Equipment on Operating Leases | 11 | |||||||||
| Note 7. | Equity in Net Assets of Nonconsolidated Affiliates | 12 | |||||||||
| Note 8. | Variable Interest Entities | 12 | |||||||||
| Note 9. | Debt | 13 | |||||||||
| Note 10. | Derivative Financial Instruments | 14 | |||||||||
| Note 11. | Product Warranty and Related Liabilities | 16 | |||||||||
| Note 12. | Pensions and Other Postretirement Benefits | 16 | |||||||||
| Note 13. | Commitments and Contingencies | 17 | |||||||||
| Note 14. | Income Taxes | 20 | |||||||||
| Note 15. | Restructuring and Other Initiatives | 20 | |||||||||
| Note 16. | Stockholders' Equity and Noncontrolling Interests | 20 | |||||||||
| Note 17. | Earnings Per Share | 22 | |||||||||
| Note 18. | Stock Incentive Plans | 22 | |||||||||
| Note 19. | Segment Reporting | 22 | |||||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25 | |||||||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 41 | |||||||||
| Item 4. | Controls and Procedures | 42 | |||||||||
| PART II | |||||||||||
| Item 1. | Legal Proceedings | 43 | |||||||||
| Item 1A. | Risk Factors | 43 | |||||||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 44 | |||||||||
| Item 6. | Exhibits | 45 | |||||||||
| Signature | 46 |
GENERAL MOTORS COMPANY AND SUBSIDIARIES
PART I
Next: Item 1. Condensed Consolidated Financial Statements