Analysis of Property, Plant and Equipment
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Current Ratio since 2010
- Price to Earnings (P/E) since 2010
- Price to Sales (P/S) since 2010
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Property, Plant and Equipment Disclosure
General Motors Co., balance sheet: property, plant and equipment
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Land
- The value of land shows a gradual decline over the five-year period, decreasing from 1,339 million USD at the end of 2020 to 1,253 million USD by the end of 2024. This indicates either disposals or a reduction in land holdings.
- Buildings and improvements
- Buildings and improvements exhibit a consistent upward trend, rising from 9,671 million USD in 2020 to 14,915 million USD in 2024. This reflects ongoing investments and upgrades in fixed facilities, with a particularly notable increase observed between 2022 and 2024.
- Machinery and equipment
- This category steadily grows from 30,013 million USD in 2020 to 39,575 million USD in 2024. The trend suggests continued capital expenditures on production assets, supporting operational capacity enhancements.
- Special tools
- Special tools show an overall increase from 20,851 million USD in 2020 to a peak of 26,086 million USD in 2023, followed by a slight decline to 25,813 million USD in 2024. The dip in the final year might indicate partial disposals or write-downs.
- Construction in progress
- There is a marked increase in construction in progress from 3,581 million USD in 2020 to 8,135 million USD in 2023, followed by a decrease to 7,176 million USD in 2024. The rise indicates substantial ongoing projects, though the later decline suggests completion or reclassification of some projects into fixed assets.
- Property, gross
- The gross property value steadily increases from 44,604 million USD in 2020 to 62,919 million USD in 2024, reflecting cumulative additions to property, plant, and equipment assets across the period.
- Accumulated depreciation
- Accumulated depreciation consistently rises in magnitude (becomes more negative) from -27,823 million USD in 2020 to -36,828 million USD in 2024. This trend is expected as assets age and depreciation accumulates, impacting the net book value.
- Property, net
- Net property, plant, and equipment value increases from 37,632 million USD in 2020 to 51,904 million USD in 2024. This growth signifies that additions and capital improvements exceed depreciation expense, resulting in a higher net asset base.
Asset Age Ratios (Summary)
General Motors Co., asset age ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Average age ratio
- The average age ratio shows a downward trend over the analyzed period, decreasing from 64.31% in 2020 to 59.72% in 2024. This decline suggests an overall reduction in the relative age of the property, plant, and equipment, indicating possible updates, replacements, or additions to newer assets.
- Estimated total useful life
- The estimated total useful life of the assets remained stable at 8 years from 2020 through 2022, then increased to 9 years in 2023 and further to 10 years in 2024. This upward revision may indicate changes in asset classification, improvements in asset durability, or company policy adjustments regarding asset lifespan.
- Estimated age, time elapsed since purchase
- The estimated age, reflecting the time elapsed since purchase, was constant at 5 years from 2020 through 2023 but increased to 6 years in 2024. This consistency followed by increment may suggest limited new asset acquisitions during the initial years, with gradual aging becoming more pronounced in the final period.
- Estimated remaining life
- The estimated remaining life has remained steady at 7 years from 2020 through 2023 and then increased to 8 years in 2024. This increase corresponds with the extension in total useful life, implying that despite assets aging, the company anticipates a longer continued use of its property, plant, and equipment moving forward.
Average Age
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Accumulated depreciation | ||||||
| Property, gross | ||||||
| Land | ||||||
| Asset Age Ratio | ||||||
| Average age1 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Property, gross – Land)
= 100 × ÷ ( – ) =
- Property, Plant, and Equipment Overview
- The gross property value demonstrates a consistent upward trend over the five-year period, increasing from $44,604 million in 2020 to $62,919 million in 2024. This steady growth suggests ongoing investments in fixed assets.
- Accumulated Depreciation
- Accumulated depreciation also shows a progressive increase, rising from $27,823 million in 2020 to $36,828 million in 2024. The rise in accumulated depreciation aligns with the increase in gross property, reflecting the aging and usage of the assets.
- Land Value
- Contrary to the general increase seen in gross property, the land value exhibits a slight decline over the period, decreasing from $1,339 million to $1,253 million. This could indicate land sales, revaluation, or slower acquisition of land assets relative to other property components.
- Average Age Ratio
- The average age ratio, indicating the proportion of accumulated depreciation to gross property, decreases steadily from 64.31% in 2020 to 59.72% in 2024. This downward trend suggests that the asset base is becoming younger on average, likely due to the investments in new property exceeding the depreciation of older assets.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated total useful life = (Property, gross – Land) ÷ Depreciation and amortization expense
= ( – ) ÷ =
- Gross Property, Plant, and Equipment
- The gross value of property, plant, and equipment has shown consistent growth over the observed five-year period, increasing from $44,604 million at the end of 2020 to $62,919 million by the end of 2024. This upward trend indicates ongoing investments and expansions in fixed assets, reflective of either capacity enhancements or asset replacements.
- Land Value
- The value attributed to land has experienced a gradual decline, decreasing from $1,339 million in 2020 to $1,253 million in 2024. This decrease may suggest disposals of land assets or a revaluation downward, contrasting with the general increase in gross property assets.
- Depreciation and Amortization Expense
- Depreciation and amortization expenses increased steadily from $5,354 million in 2020 to a peak of $6,719 million in 2023, followed by a slightly lower figure of $6,466 million in 2024. The rise through 2023 aligns with the growing gross property values, reflecting higher depreciation from increased asset bases. The slight drop in 2024 could indicate changes in asset composition, depreciation policies, or partial disposals.
- Estimated Total Useful Life
- The estimated useful life of the property, plant, and equipment has increased over the period, from 8 years in 2020 through 2022 to 9 years in 2023 and 10 years in 2024. This extension in useful life assumptions may have implications for lower annual depreciation charges in the future, potentially affecting net book values and profitability metrics.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation and amortization expense
= ÷ =
- Accumulated Depreciation
- The accumulated depreciation consistently increased over the analyzed periods, rising from $27,823 million at the end of 2020 to $36,828 million by the end of 2024. This upward trend indicates a continuous allocation of depreciation expense over time, reflecting the aging of property, plant, and equipment assets.
- Depreciation and Amortization Expense
- The depreciation and amortization expense showed a steady increase from $5,354 million in 2020 to a peak of $6,719 million in 2023, followed by a slight decline to $6,466 million in 2024. This pattern suggests growing expense recognition related to asset usage, with a mild reduction in the latest period possibly indicating changes in asset base or depreciation methods.
- Time Elapsed Since Purchase
- The time elapsed since purchase remained constant at 5 years from 2020 through 2023, then increased to 6 years in 2024. This consistency followed by a one-year increment reflects the aging profile of the underlying asset pool, potentially impacting the depreciation schedule and expense recognition.
Estimated Remaining Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated remaining life = (Property, net – Land) ÷ Depreciation and amortization expense
= ( – ) ÷ =
- Property, net
- The net value of property, plant, and equipment has exhibited a consistent upward trend over the five-year period. Starting at $37,632 million at the end of 2020, it increased annually to reach $51,904 million by the end of 2024. This steady growth indicates ongoing investment or revaluation of property assets.
- Land
- Contrary to the overall property value, the land component has experienced a gradual decline. The value decreased from $1,339 million in 2020 to $1,253 million in 2024, showing minor fluctuations but a general downward trend. This may suggest disposals, reclassification, or downward revaluation of land assets.
- Depreciation and amortization expense
- The depreciation and amortization expenses have generally increased from $5,354 million in 2020 to a peak of $6,719 million in 2023. There is a slight decline to $6,466 million in 2024, which might reflect changes in asset composition, useful lives, or accounting estimates. The rising trend overall aligns with the increasing property base.
- Estimated remaining life
- The estimated remaining life of property, plant, and equipment remains stable at 7 years from 2020 through 2023. Notably, it increased to 8 years in 2024, which could indicate asset revaluation, extension of useful lives due to maintenance or upgrades, or changes in accounting policies.