General Motors Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>General Motors Co. has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and business operations.</b>

AI Summary

General Motors Co (GM) filed a Annual Report (10-K) with the SEC on January 30, 2024. General Motors Co. filed its 2023 Form 10-K on January 30, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is manufacturing motor vehicles and passenger car bodies. The filing includes financial data for the Automotive and GM Financial segments. Key financial statement items such as common stock, retained earnings, and accumulated other comprehensive income are detailed.

Why It Matters

For investors and stakeholders tracking General Motors Co, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of GM's financial health, operational performance, and strategic direction for the fiscal year 2023. The report is crucial for understanding the company's financial position, risks, and future outlook in the automotive industry.

Risk Assessment

Risk Level: medium — General Motors Co shows moderate risk based on this filing. The company operates in the highly cyclical and competitive automotive industry, facing risks related to economic downturns, supply chain disruptions, and evolving consumer preferences towards electric vehicles.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess General Motors' performance and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-01-30 — Filing Date (Filed as of date)
• 3711 — SIC Code (Standard Industrial Classification for Motor Vehicles & Passenger Car Bodies)

Key Players & Entities

• General Motors Co. (company) — Filer name
• 300 RENAISSANCE CENTER (address) — Business and mailing address
• DETROIT (location) — City for business and mailing address
• MI (location) — State for business and mailing address
• 48265-3000 (postal_code) — ZIP code for business and mailing address
• 313.667.1500 (phone_number) — Business phone number

Forward-Looking Statements

• General Motors will continue to focus on its Automotive and GM Financial segments in its future reporting. (General Motors Co) — high confidence, target: 2024-12-31
• The company's next major financial filing will likely be a Q1 2024 earnings report. (General Motors Co) — high confidence, target: 2024-04-30

FAQ

Industry Context

General Motors operates within the automotive manufacturing industry, a sector characterized by significant capital investment, technological innovation, and global competition.

Regulatory Implications

The company is subject to various regulations related to vehicle safety, emissions standards, and environmental protection in the markets where it operates.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and cash flow.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics with previous years and industry peers.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year 2023 financial performance.
• 2024-01-30: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value GM New York Stock Exchange
• $9.9 b — Research and development expenses were $9.9 billion, $9.8 billion and $7.9 billion in
• $9.8 billion — development expenses were $9.9 billion, $9.8 billion and $7.9 billion in the years ended Dec
• $7.9 billion — ses were $9.9 billion, $9.8 billion and $7.9 billion in the years ended December 31, 2023, 2

Filing Documents

• gm-20231231.htm (10-K) — 3941KB
• ex01024-12312023xrsuawardex.htm (EX-10.24) — 34KB
• ex-19x12312023xgminsidertr.htm (EX-19) — 75KB
• ex-21x12312023xsignificant.htm (EX-21) — 93KB
• ex-23x12312023.htm (EX-23) — 5KB
• ex-24x12312023.htm (EX-24) — 108KB
• ex-311x12312023.htm (EX-31.1) — 9KB
• ex-312x123120223.htm (EX-31.2) — 9KB
• ex-32x12312023.htm (EX-32) — 7KB
• ex-97x12312023xrecoupmento.htm (EX-97) — 43KB
• gm-20231231_g1.jpg (GRAPHIC) — 12KB
• gm-20231231_g2.jpg (GRAPHIC) — 84KB
• gm-20231231_g3.jpg (GRAPHIC) — 102KB
• gm-20231231_g4.jpg (GRAPHIC) — 113KB
• 0001467858-24-000031.txt (&nbsp;) — 22305KB
• gm-20231231.xsd (EX-101.SCH) — 109KB
• gm-20231231_cal.xml (EX-101.CAL) — 156KB
• gm-20231231_def.xml (EX-101.DEF) — 752KB
• gm-20231231_lab.xml (EX-101.LAB) — 1456KB
• gm-20231231_pre.xml (EX-101.PRE) — 1003KB
• gm-20231231_htm.xml (XML) — 4555KB

Risk Factors 13

Item 1A. Risk Factors 13

Unresolved Staff Comments 23

Item 1B. Unresolved Staff Comments 23

Cybersecurity 23

Item 1C. Cybersecurity 23

Properties 24

Item 2. Properties 24

Legal Proceedings 25

Item 3. Legal Proceedings 25

Mine Safety Disclosures 25

Item 4. Mine Safety Disclosures 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

[Reserved] 27

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk 49

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 49

Financial Statements and Supplementary Data 56

Item 8. Financial Statements and Supplementary Data 56 Consolidated Income Statements 56 Consolidated Statements of Comprehensive Income 56 Consolidated Balance Sheets 57 Consolidated Statements of Cash Flows 58 Consolidated Statements of Equity 59

Notes to Consolidated Financial Statements 60

Notes to Consolidated Financial Statements 60 Note 1. Nature of Operations and Basis of Presentation 60 Note 2. Significant Accounting Policies 60 Note 3. Revenue 67 Note 4. Marketable and Other Securities 68 Note 5. GM Financial Receivables and Transactions 69 Note 6. Inventories 72 Note 7. Operating Leases 72 Note 8. Equity in Net Assets of Nonconsolidated Affiliates 73 Note 9. Property 75 Note 10. Goodwill and Intangible Assets 75 Note 11. Variable Interest Entities 76 Note 12. Accrued and Other Liabilities 77 Note 13. Debt 78 Note 14. Derivative Financial Instruments 80 Note 15. Pensions and Other Postretirement Benefits 81 Note 16. Commitments and Contingencies 86 Note 17. Income Taxes 90 Note 18. Restructuring and Other Initiatives 92 Note 19. Interest Income and Other Non-Operating Income 93 Note 20. Stockholders' Equity and Noncontrolling Interests 93 Note 21. Earnings Per Share 96 Note 22. Stock Incentive Plans 96 Note 23. Segment Reporting 97 Note 24. Supplemental Information for the Consolidated Statements of Cash Flows 100 Page

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101

Controls and Procedures 101

Item 9A. Controls and Procedures 101

Other Information 102

Item 9B. Other Information 102

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III

Directors, Executive Officers and Corporate Governance 102

Item 10. Directors, Executive Officers and Corporate Governance 102

Executive Compensation 102

Item 11. Executive Compensation 102

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102

Certain Relationships and Related Transactions, and Director Independence 102

Item 13. Certain Relationships and Related Transactions, and Director Independence 102

Principal Accountant Fees and Services 102

Item 14. Principal Accountant Fees and Services 102 PART IV

Exhibit and Financial Statement Schedules 103

Item 15. Exhibit and Financial Statement Schedules 103

Form 10-K Summary 105

Item 16. Form 10-K Summary 105 Signatures 106 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES PART I

Business

Item 1. Business General Motors Company (sometimes referred to as we, our, us, ourselves, the Company, General Motors, or GM) was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts and provide software-enabled services and subscriptions worldwide. Our automotive operations meet the demands of our customers through our automotive segments: GM North America (GMNA) and GM International (GMI) 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 in China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is our global segment responsible for the development and commercialization of autonomous vehicle (AV) technology. We provide automotive financing services through our General Motors Financial Company, Inc. (GM Financial) segment. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 23 to our consolidated financial statements for financial information about our segments. 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. Forward-looking statements in this Business section are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to Item 1A. Risk Factors and the "Forward-Looking Statements" section of Part II, Item 7. MD&A for a discussion of these risks and uncertainties. Our vision for the future is a world with zero crashes, zero emissions and zero congestion, which guides our growth-focused strategy to invest in electric vehicles (EVs) and AVs, software-enabled services

View Full Filing

View this 10-K filing on SEC EDGAR