Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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General Motors Co. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2010
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General Motors Co., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Overall Liability and Equity Structure
- The total liabilities as a percentage of total liabilities and equity have shown a decreasing trend from 78.88% in 2020 to a low of 72.62% in 2022, before rising again to 76.55% in 2024. Correspondingly, total equity increased from 21.12% in 2020, peaked at 27.24% in 2022, and then declined to 23.45% in 2024, indicating some volatility in the financing structure over the period.
- Current Liabilities Trends
- Current liabilities relative to total liabilities and equity have fluctuated mildly, dropping from 33.98% in 2020 to 30.41% in 2021, then increasing back to a stable range around 34.5% in subsequent years. Accounts payable saw a rise from 8.33% in 2021 to 10.41% in 2022, before a slight decrease to 9.18% in 2024, indicating variable short-term obligations. Short-term debt also increased from 13.78% in 2021 to 14.69% in 2022 and then slightly decreased to 14.09% in 2024, reflecting stable short-term borrowing patterns.
- GM Financial and Automotive Liabilities
- GM Financial’s share of total liabilities and equity decreased from 15.15% in 2020 to around 13.33% in 2024 within current liabilities, but its portion within non-current liabilities increased steadily from 24.15% in 2020 to 27.51% in 2024, suggesting a shift towards more long-term financing from this segment. Conversely, the Automotive-related liabilities showed a declining trend both on current and non-current bases, with current liabilities dropping from 6.88% in 2020 to 4.76% in 2024 and a less pronounced decline in non-current liabilities.
- Long-term Debt and Other Non-current Liabilities
- Long-term debt, excluding the current portion, decreased slightly from 31.03% in 2020 to 28.75% in 2022 but then increased to 32.28% in 2024, reflecting fluctuating long-term borrowing levels. Other non-current liabilities remained relatively stable, oscillating around 5.5% to 6.4% over the period.
- Employee Benefits and Postemployment Liabilities
- Liabilities related to pensions and postretirement benefits have decreased notably over the period. Pension liabilities dropped from 5.49% in 2020 to 2.07% in 2024, and postretirement benefits other than pensions decreased from 2.67% in 2020 to 1.43% in 2024. Employee benefits excluding postemployment liabilities and postemployment including facility idling reserves have remained minor and relatively stable components of the liabilities.
- Accrued and Other Liabilities
- Accrued liabilities have increased steadily from 9.81% in 2020 to 11.14% in 2024, indicating rising obligations recognized but not yet paid. The category labeled 'Other' within liabilities shows a gradual increase suggesting diversification or escalation in miscellaneous liabilities over time.
- Equity Components
- Retained earnings grew substantially from 13.59% in 2020 to 20.28% in 2023 before slightly declining to 19.11% in 2024, indicating accumulation of earnings with a minor reversal. Additional paid-in capital declined from 11.29% in 2020 to a low of 7.01% in 2023, showing a decrease in contributed capital relative to total financing. The accumulated other comprehensive loss has narrowed from -5.73% in 2020 to around -3% in 2022 but worsened again to -4.02% in 2024, reflecting volatility in unrealized gains and losses impacting equity. Noncontrolling interests decreased notably from 1.98% in 2020 to 0.9% in 2024, indicating a reduction in minority ownership interests.
- Deferred Revenue Trends
- Deferred revenue has shown an increase in both current and non-current categories, rising from 1.33% (current) and 1.15% (non-current) in 2020 to 1.2% and 2.12% respectively in 2024, demonstrating growing advance payments or obligations related to future goods and services.
- Product Warranty and Related Liabilities
- This liability rose from 1.3% in 2020 to 1.63% in 2024 (current portion) and remained relatively stable around 2.2% for the non-current portion, implying ongoing obligations for warranty claims without significant reduction over time.
- Summary of Trends
- The financial structure reveals a moderate increase in total liabilities after prior reductions, with total equity contracting after its peak in 2022. Increasing accrued liabilities and deferred revenue hint at growing operational obligations. The shift in GM Financial liabilities towards longer-term debt suggests a change in financing strategy. Declines in pensions and postretirement liabilities reflect reduced future benefit obligations. The equity composition indicates some erosion in contributed capital and comprehensive loss volatility heightened in recent years. Overall, the company shows patterns of leveraging with increased liabilities balanced by retained earnings growth but accompanied by fluctuations in capital contributions and liabilities composition.