General Motors Co., balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Short-term debt and current portion of long-term debt	39,432)	38,968)	38,778)	33,720)	36,913)
Long-term debt, excluding current portion	90,300)	82,773)	75,921)	75,659)	72,981)
Total debt (carrying amount)	129,732)	121,741)	114,699)	109,379)	109,894)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	General Motors Co. total debt increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Automotive debt	15,204)
GM Financial debt	115,010)
Total debt (fair value)	130,214)
Financial Ratio
Debt, fair value to carrying amount ratio	1.00

Weighted-average interest rate on outstanding debt: 4.79%

Interest rate	Debt amount¹	Interest rate × Debt amount
7.30%	2,141)	156)
5.80%	13,327)	773)
5.17%	49,573)	2,563)
4.20%	64,691)	2,717)
Total	129,732)	6,209)
4.79%

¹ US$ in millions

² Weighted-average interest rate = 100 × 6,209 ÷ 129,732 = 4.79%

General Motors Co., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Automotive interest expense	846)	911)	987)	950)	1,098)
Interest capitalized	215)	—)	—)	—)	—)
Interest costs incurred	1,061)	911)	987)	950)	1,098)

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Debt item	Description	The company
Automotive interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	General Motors Co. automotive interest expense decreased from 2022 to 2023 and from 2023 to 2024.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	General Motors Co. interest costs incurred decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to stockholders	6,008)	10,127)	9,934)	10,019)	6,427)
Add: Net income attributable to noncontrolling interest	(45)	(287)	(226)	(74)	(106)
Add: Income tax expense	2,556)	563)	1,889)	2,771)	1,774)
Add: Automotive interest expense	846)	911)	987)	950)	1,098)
Earnings before interest and tax (EBIT)	9,365)	11,314)	12,584)	13,666)	9,193)

Interest costs incurred	1,061)	911)	987)	950)	1,098)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	11.07	12.42	12.75	14.39	8.37
Adjusted interest coverage ratio (with capitalized interest)²	8.83	12.42	12.75	14.39	8.37

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Automotive interest expense
= 9,365 ÷ 846 = 11.07

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 9,365 ÷ 1,061 = 8.83

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	General Motors Co. adjusted interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

General Motors Co. (NYSE:GM)

Analysis of Debt