13 unchanged sentences
At December 31, 2025, our most significant foreign currency exposures were between the U.S.
−Removed: dollar and the Canadian dollar, Chinese yuan, Korean won, Mexican peso and Brazilian real.
+Added: dollar and the Canadian dollar, Chinese yuan, and Korean won.
Derivative instruments such as foreign currency forwards, swaps, and options are primarily used to hedge exposures with respect to forecasted revenues, costs, and commitments denominated in foreign currencies.
2 unchanged sentences
These amounts are calculated utilizing a population of foreign currency exchange derivatives and foreign currency denominated debt and exclude the offsetting effect of foreign currency cash, cash equivalents, and other assets.
−Removed: The potential loss in fair value for such financial instruments from a 10% adverse change in all quoted foreign currency exchange rates would have been $0.3 billion and insignificant at December 31, 2024 and 2023.
+Added: The potential loss in fair value for such financial instruments from a 10% adverse change in all quoted foreign currency exchange rates would have been $0.8 billion and $0.3 billion at December 31, 2025 and 2024.
We are exposed to foreign currency risk due to the translation and remeasurement of the results of certain international operations into U.S.
9 unchanged sentences
The fair value of debt and finance leases was $16.2 billion and $15.2 billion at December 31, 2025 and 2024.
−Removed: The potential increase in fair value resulting from a 10% decrease in quoted interest rates would have been $0.7 billion at December 31, 2024 and 2023.
+Added: The potential increase in fair value resulting from a 10% decrease in quoted interest rates would have been $0.6 billion and $0.7 billion at December 31, 2025 and 2024.
We had marketable debt securities of $6.7 billion and $7.3 billion classified as available-for-sale at December 31, 2025 and 2024.
The potential decrease in fair value from a 50 basis point increase in interest rates would have been insignificant at December 31, 2025 and 2024.
−Removed: Commodity Risk We have commodity price risk which could have an impact of our financial results as result of fluctuations in the prices of commodities used in vehicle production.
+Added: Commodity Risk We have commodity price risk which could have an impact on our financial results as a result of fluctuations in the prices of commodities used in vehicle production.
At December 31, 2025 we used derivative instruments such as commodity forwards, swaps, and options to hedge a portion of our exposures with respect to forecasted commodity purchases of steel, copper, aluminum, palladium, lithium, and nickel.
−Removed: The net fair value liability of financial instruments with exposure to commodity price movements was insignificant at December 31, 2024 and 2023.
−Removed: The potential change in fair value for such financial instruments from a 10% adverse change in the underlying commodity prices would have been $0.2 billion and insignificant at December 31, 2024 and 2023.
+Added: The net fair value of financial instruments with exposure to commodity price movements was an asset of $0.4 billion and an insignificant liability at December 31, 2025 and 2024.
+Added: The potential change in fair value for such financial instruments from a 10% adverse change in the underlying commodity prices would have been $0.2 billion at December 31, 2025 and 2024.
Automotive Financing - GM Financial
11 unchanged sentences
GENERAL MOTORS COMPANY AND SUBSIDIARIES
−Removed: At December 31, 2024, GM Financial moved to an asset-sensitive profile from a liability-sensitive profile in 2023, meaning that more assets than liabilities were expected to reprice within the next 12 months.
+Added: At December 31, 2025 and 2024, GM Financial was asset-sensitive, meaning that more assets than liabilities were expected to reprice within the next 12 months.
During a period of rising interest rates, the interest earned on assets would increase more than the interest paid on liabilities, which would initially increase net interest income.
10 unchanged sentences
If interest rates or other factors change, actual prepayment experience could be different than projected.
+Added: Counterparty Risk Counterparty risk relates to the financial loss GM Financial could incur if an obligor or counterparty to a transaction is unable to meet its financial obligations.
+Added: Typical sources of exposure include balances maintained in bank accounts, investments, and derivative instruments.
+Added: Investments are typically securities representing high quality monetary instruments that are easily accessible, and derivative instruments are used for managing interest rate and foreign currency exchange rate risk.
+Added: GM Financial, together with us, establishes exposure limits for each counterparty to minimize risk and provide counterparty diversification.
+Added: GM Financial enters into arrangements with individual counterparties that they believe are creditworthy and generally settles on a net basis.
+Added: In addition, GM Financial's Global Asset Liability Committee performs a quarterly assessment of their counterparty credit risk, including a review of credit ratings, credit default swap rates, and potential nonperformance of the counterparty.
Foreign Currency Exchange Rate Risk GM Financial is exposed to foreign currency risk due to the translation and remeasurement of the results of certain international operations into U.S.
5 unchanged sentences
GM Financial had foreign currency swaps with notional amounts of $9.2 billion and $8.4 billion at December 31, 2025 and 2024.
−Removed: The net fair value of these derivative financial instruments was a liability of $0.4 billion and $0.2 billion at December 31, 2024 and 2023.
+Added: The net fair value of these derivative financial instruments was an asset of $0.5 billion and a liability of $0.4 billion at December 31, 2025 and 2024.
The following table summarizes GM Financial's foreign currency translation, transaction and remeasurement (gains) losses:
31 unchanged sentences
How we addressed the matter in our audit We evaluated the design and tested the operating effectiveness of internal controls over the Company’s product warranty and recall campaign processes.
−Removed: We tested internal controls over management’s review of the valuation models and significant assumptions for product warranty and recall, including the warranty claims forecasted based on the frequency and average cost per warranty claim for product warranty, and the cost estimates related to recall campaigns.
+Added: We tested internal controls over management’s review of the valuation models and significant assumptions for product warranty and recall campaigns, including the warranty claims forecasted based on the frequency and average cost per warranty claim for product warranty, and the cost estimates related to recall campaigns.
Our audit also included the evaluation of controls that address the completeness and accuracy of the data utilized in the valuation models.
−Removed: Our audit procedures related to product warranty and recall campaigns also included, among others, evaluating the Company’s estimation methodology, the related significant assumptions and underlying data, and performing analytical procedures to corroborate cost per vehicle based on historical claims data.
+Added: Our audit procedures related to product warranty and recall campaigns also included, among others, evaluating the Company’s estimation methodology, the related significant assumptions and underlying data, and performing tests of actual claims and claims analytical procedures to corroborate trends in cost per vehicle.
Furthermore, we performed sensitivity analyses to evaluate the significant judgments made by management, including cost estimates to evaluate the impact on reserves from changes in assumptions.
1 unchanged sentence
We also involved actuarial specialists to evaluate the methodologies and assumptions, and to test the actuarial calculations used by the Company.
−Removed: Sales incentives
+Added: Retail sales incentives
Description of the matter As discussed in Note 2 to the financial statements, Automotive net sales and revenue represents the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or providing services, which is net of estimated dealer and customer sales incentives the Company reasonably expects to pay.
−Removed: Provisions for dealer and customer sales incentives are recorded as a reduction to Automotive net sales and revenue at the time of vehicle sale.
−Removed: The liabilities for dealer and customer allowances, claims and discounts amount to $7.3 billion at December 31, 2024.
−Removed: Auditing the estimate of sales incentives involved a high degree of judgment.
−Removed: Significant factors used by the Company in estimating its liability for sales incentives include type of program, forecasted sales volume, product mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions.
+Added: Provisions for dealer and customer sales incentives are recorded as a reduction to Automotive net sales and revenue at the time of vehicle sale and are included as a component of accrued dealer and customer allowances, claims, and discounts (Note 12).
+Added: Auditing the estimate of certain sales incentives, specifically sales incentives for retail sales to end customers (retail sales incentives), involved a high degree of judgment.
+Added: Significant factors used by the Company in estimating its liability for retail sales incentives include type of program, forecasted sales volume, product mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions.
The Company’s estimation model reflects the best estimate of the total incentive amount that the Company reasonably expects to pay at the time of sale.
The estimated cost of incentives is forward-looking, and could be materially affected by future economic and market conditions.
−Removed: How we addressed the matter in our audit We evaluated the design and tested the operating effectiveness of internal controls over the Company’s sales incentive process, including management’s review of the estimation model, the significant assumptions (e.g., incentive cost per unit, customer take rate, and market conditions), and the data inputs used in the model.
−Removed: Our audit procedures included, among others, the performance of analytical procedures to develop an independent range of the liability for sales incentives as of the balance sheet date.
+Added: How we addressed the matter in our audit We evaluated the design and tested the operating effectiveness of internal controls over the Company’s retail sales incentive process, including management’s review of the estimation model, the significant assumptions (e.g., incentive cost per unit and market conditions), and the data inputs used in the model.
+Added: Our audit procedures included, among others, the performance of analytical procedures to develop an independent range of the liability for retail sales incentives as of the balance sheet date.
Our independent range was developed for comparison to the Company’s recorded liability, and is based on historical claims, forecasted spend, and the specific vehicle mix of current dealer stock.
7 unchanged sentences
Auditing management’s estimate of the residual value of leased vehicles involved a high degree of judgment.
−Removed: Management’s estimate is based, in part, on third-party data which considers inputs including recent auction values and assumptions regarding the expected future volume of leased vehicles that will be returned to the Company, used car prices, manufacturer incentive programs and fuel prices.
+Added: Management’s estimate is based, in part, on third-party data which considers inputs including recent auction values and assumptions regarding the expected future volume of leased vehicles that will be returned to the Company, used vehicle prices, manufacturer incentive programs and fuel prices.
Realization of the residual values is dependent on the future ability to market the vehicles under future prevailing market conditions.
1 unchanged sentence
Our procedures also included, among others, independently recalculating depreciation related to equipment on operating leases and performing sensitivity analyses related to significant assumptions.
−Removed: We also performed hindsight analyses to assess the propriety of management’s estimate of residual values, as well as tested the completeness and accuracy of data from underlying systems and data warehouses that are used in the estimation models.
+Added: We also performed hindsight analyses to assess the propriety of management’s estimate of residual values, as well as tested the completeness and accuracy of data from underlying systems, data warehouses and third parties that are used in the estimation models.
/ s / Ernst & Young LLP
29 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.