Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

General Motors Co., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	5,963)	9,840)	9,708)	9,945)	6,321)
Depreciation and impairment of Equipment on operating leases, net	4,844)	4,904)	4,839)	6,076)	7,178)
Depreciation, amortization and impairment charges on Property, net	7,545)	6,984)	6,451)	5,975)	5,637)
Foreign currency remeasurement and transaction (gains) losses	(321)	349)	172)	(17)	203)
Undistributed (earnings) loss and impairment of nonconsolidated affiliates, net	4,118)	245)	193)	(517)	524)
Pension contributions and OPEB payments	(1,518)	(1,100)	(790)	(838)	(851)
Pension and OPEB (income) loss, net	89)	90)	(1,189)	(1,605)	(765)
Provision (benefit) for deferred taxes	1,368)	(1,041)	425)	2,214)	925)
Accounts receivable	(846)	1,183)	(4,483)	493)	(1,341)
Wholesale receivables funded by GM Financial, net	(6,341)	(2,982)	(5,000)	2,854)	2,744)
Inventories	666)	(757)	(2,581)	(3,155)	(104)
Automotive equipment on operating leases	—)	—)	—)	—)	53)
Change in other assets	(2,022)	(685)	(248)	(1,418)	68)
Accounts payable	1,284)	(398)	6,144)	(1,166)	42)
Income taxes payable	(288)	(121)	273)	(95)	130)
Accrued and other liabilities	6,018)	5,582)	2,918)	(879)	(1,991)
Change in other operating assets and liabilities	(1,529)	1,822)	(2,977)	(3,366)	(399)
Other operating activities	(430)	(1,163)	(789)	(2,679)	(2,103)
Net cash provided by operating activities	20,129)	20,930)	16,043)	15,188)	16,670)
Expenditures for property	(10,830)	(10,970)	(9,238)	(7,509)	(5,300)
Available-for-sale marketable securities, acquisitions	(3,986)	(4,429)	(11,837)	(8,962)	(16,204)
Available-for-sale marketable securities, liquidations	4,331)	9,345)	8,057)	9,347)	11,941)
Purchases of finance receivables	(36,348)	(35,379)	(33,974)	(33,009)	(30,090)
Principal collections and recoveries on finance receivables	31,784)	28,346)	26,887)	24,622)	19,726)
Purchases of leased vehicles	(15,279)	(13,640)	(11,949)	(14,602)	(15,233)
Proceeds from termination of leased vehicles	10,892)	13,033)	14,234)	14,393)	13,399)
Other investing activities	(1,081)	(969)	(62)	(635)	(65)
Net cash used in investing activities	(20,517)	(14,663)	(17,882)	(16,355)	(21,826)
Net increase (decrease) in short-term debt	128)	(156)	373)	2,912)	277)
Proceeds from issuance of debt, original maturities greater than three months	53,435)	50,963)	45,813)	45,300)	78,527)
Payments on debt, original maturities greater than three months	(43,399)	(44,675)	(39,606)	(47,806)	(72,663)
Payments to purchase common stock	(7,064)	(11,115)	(2,500)	—)	—)
Issuance (redemption) of subsidiary stock	(101)	—)	(2,121)	1,736)	492)
Dividends paid	(653)	(597)	(397)	(186)	(669)
Other financing activities	(408)	(773)	(1,179)	(212)	(412)
Net cash provided by (used in) financing activities	1,938)	(6,353)	383)	1,744)	5,552)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(503)	55)	(138)	(152)	(222)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,047)	(31)	(1,594)	425)	174)
Cash, cash equivalents and restricted cash at beginning of period	21,917)	21,948)	23,542)	23,117)	22,943)
Cash, cash equivalents and restricted cash at end of period	22,964)	21,917)	21,948)	23,542)	23,117)

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).

Net Income: Net income showed significant growth from 2020 through 2023, peaking at 9,840 million US dollars in 2023 before declining sharply to 5,963 million in 2024. This indicates strong profitability over several years, followed by a notable drop in the latest period.
Depreciation and Amortization: Depreciation related to equipment on operating leases decreased steadily from 7,178 million in 2020 to 4,844 million in 2024. In contrast, depreciation, amortization, and impairment charges on property increased continuously from 5,637 million in 2020 to 7,545 million in 2024, suggesting rising investments or aging of property assets.
Foreign Currency Effects: Foreign currency remeasurement and transaction gains and losses fluctuated, with losses noted in 2021 and 2023, and a substantial gain in 2024. This variability reflects exposure to currency exchange rate volatility.
Income from Affiliates: Undistributed earnings and impairments of nonconsolidated affiliates swung from positive 524 million in 2020 to a significant loss of 517 million in 2021, then increasing to 4,118 million in 2024, indicating improved performance or valuation of affiliates in the most recent year.
Pension and OPEB Contributions and Income/Loss: Pension contributions increased in absolute terms over the years, reaching -1,518 million in 2024. Pension and OPEB income/loss moved from negative figures in early years to slight positive amounts in 2023 and 2024, suggesting volatility in pension plan results.
Provision for Deferred Taxes: The provision fluctuated notably, rising sharply to 2,214 million in 2021, declining to negative 1,041 million in 2023, and then increasing again to 1,368 million in 2024, indicating variability in deferred tax obligations.
Working Capital Changes: Accounts receivable changes were volatile, with a large negative value in 2022 and fluctuations in other years. Wholesale receivables funded by GM Financial showed a marked decline starting in 2022 and continuing through 2024, reflecting tightening finance receivables. Inventories saw a negative trend initially, improving slightly by 2024 to a positive 666 million.
Other Operating Assets and Liabilities: Accrued and other liabilities showed a considerable upward trend, increasing from negative 1,991 million in 2020 to 6,018 million in 2024. Changes in other operating assets and liabilities were negative in most years but showed a positive change in 2023. Other operating activities consistently yielded net outflows.
Cash Flows from Operating Activities: Net cash provided by operating activities remained strong throughout the periods, peaking at 20,930 million in 2023, with a slight decrease to 20,129 million in 2024, indicating robust cash generation from core operations.
Investing Activities: Expenditures for property steadily increased from 5,300 million in 2020 to over 10,800 million in 2024, indicating increased capital investments. Available-for-sale marketable securities acquisitions declined significantly in 2023 and 2024, while liquidations also decreased. Purchases of finance receivables increased yearly, as did principal collections and recoveries, reflecting expanding finance operations. Net cash used in investing activities was negative each year, with a large outflow in 2024.
Financing Activities: Debt issuance remained high, increasing steadily from 78,527 million in 2020 to 53,435 million in 2024, alongside large payments on debt, though payments decreased from a peak in 2020. Stock repurchases started in 2022 with significant outflows in 2023 and 2024. Dividends paid were relatively stable. Net cash from financing activities ranged from positive in earlier years to negative in 2023, with a recovery in 2024.
Cash and Cash Equivalents: The company maintained a relatively stable cash position throughout, with year-end cash balances hovering around 22,000 million US dollars. Net increases and decreases in cash were minor relative to overall cash holdings, indicating strong liquidity.
Summary of Trends: Overall, the data reveals strong operational cash flow generation and ongoing capital investment. Profitability was robust until 2023 with a notable decrease in 2024. Financial activities suggest active management of debt and equity financing, including increased share repurchases. Working capital components experienced volatility, particularly in receivables and liabilities, affecting cash flow dynamics. The company’s liquidity remains solid despite increased investing and financing expenditures.

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General Motors Co. (NYSE:GM)

Cash Flow Statement