v3.22.4
Equity In Net Assets Of Nonconsolidated Affiliates
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity in Net Assets of Nonconsolidated Affiliates Equity in Net Assets of Nonconsolidated Affiliates
Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income.
Years Ended December 31,
202220212020
Automotive China equity income (loss)$677 $1,098 $512 
Other joint ventures equity income (loss)159 203 162 
Total Equity income (loss)$837 $1,301 $674 

Investments in Nonconsolidated Affiliates
December 31, 2022December 31, 2021
Automotive China carrying amount$6,714 $7,156 
Ultium Cells Holdings LLC carrying amount1,463 650 
Other investments carrying amount1,998 1,871 
Total equity in net assets of nonconsolidated affiliates$10,176 $9,677 

The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.3 billion at December 31, 2022 and 2021 primarily due to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates.
The following table summarizes our direct ownership interests in our China JVs:
December 31, 2022December 31, 2021
Automotive China JVs
SAIC General Motors Corp., Ltd. (SGM)50 %50 %
Pan Asia Technical Automotive Center Co., Ltd.50 %50 %
SAIC General Motors Sales Co., Ltd. (SGMS)49 %49 %
SAIC GM Wuling Automobile Co., Ltd. (SGMW)44 %44 %
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar)40 %40 %
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom)25 %25 %
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY)25 %25 %
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT)25 %25 %
Other joint ventures
SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC)35 %35 %
SAIC-GMF Leasing Co., Ltd. 35 %35 %

SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC (20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd.

Summarized Financial Data of Nonconsolidated Affiliates
December 31, 2022December 31, 2021
Automotive China JVsOthersTotalAutomotive China JVsOthersTotal
Summarized Balance Sheet Data
Current assets$17,735 $17,405 $35,140 $18,176 $18,166 $36,342 
Non-current assets12,428 10,826 23,254 13,948 10,042 23,990 
Total assets$30,163 $28,231 $58,394 $32,124 $28,208 $60,332 
Current liabilities$23,267 $17,498 $40,765 $24,320 $17,141 $41,461 
Non-current liabilities1,167 3,184 4,351 1,223 5,607 6,830 
Total liabilities$24,434 $20,682 $45,116 $25,543 $22,748 $48,291 
Noncontrolling interests$904 $— $904 $867 $— $867 

Years Ended December 31,
202220212020
Summarized Operating Data
Automotive China JVs' net sales$35,857 $42,776 $38,736 
Others' net sales2,029 2,017 1,850 
Total net sales$37,886 $44,793 $40,586 
Automotive China JVs' net income$1,407 $2,109 $1,239 
Others' net income426 587 436 
Total net income$1,833 $2,696 $1,675 
Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates:
Years Ended December 31,
202220212020
Automotive sales and revenue$218 $227 $235 
Automotive purchases, net$2,637 $1,551 $165 
Dividends received$1,030 $783 $1,198 
Operating cash flows$(1,133)$(616)$1,473 

December 31, 2022December 31, 2021
Accounts and notes receivable, net$1,089 $1,004 
Accounts payable$942 $555 
Undistributed earnings$1,918 $2,111