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General Motors | CORRESP: CORRESP

SEC announcement ·  Jan 30 03:46
Summary by Futu AI
General Motors Company (GM) has addressed the U.S. Securities and Exchange Commission's (SEC) comments on its Form 10-K for the fiscal year ended December 31, 2022. In a letter dated January 29, 2024, GM responded to the SEC's request for additional information on liquidity and capital resources, specifically regarding the consolidation of segment cash flows. GM committed to providing quantitative disclosures in future filings to clarify consolidated cash flow amounts. Additionally, GM clarified its revenue recognition policies, particularly concerning vehicle transfers to rental car companies. The company detailed changes to its remarketing procedures since 2017, explaining the phasing out of certain programs and the implementation of new practices that ensure vehicles are sold before ownership reverts to GM. These changes have led GM to account for all transactions with rental car companies as sales, rather than leases. GM's Vice President and Chief Accounting Officer, Christopher T. Hatto, signed the letter, expressing the company's commitment to compliance and enhanced disclosure in its filings.
General Motors Company (GM) has addressed the U.S. Securities and Exchange Commission's (SEC) comments on its Form 10-K for the fiscal year ended December 31, 2022. In a letter dated January 29, 2024, GM responded to the SEC's request for additional information on liquidity and capital resources, specifically regarding the consolidation of segment cash flows. GM committed to providing quantitative disclosures in future filings to clarify consolidated cash flow amounts. Additionally, GM clarified its revenue recognition policies, particularly concerning vehicle transfers to rental car companies. The company detailed changes to its remarketing procedures since 2017, explaining the phasing out of certain programs and the implementation of new practices that ensure vehicles are sold before ownership reverts to GM. These changes have led GM to account for all transactions with rental car companies as sales, rather than leases. GM's Vice President and Chief Accounting Officer, Christopher T. Hatto, signed the letter, expressing the company's commitment to compliance and enhanced disclosure in its filings.
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