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65
Notes to the Financial Statements
65
NOTE 7. SALES OF RECEIVABLES — FINANCIAL SERVICES SECTOR (Continued)
Cash Flow
The following table summarizes the cash flow movements between the transferees and us in our off-balance sheet
sales of receivables for the years ended December 31 (in millions):
   
3URFHHGVIURPVDOHVRIUHFHLYDEOHVDQGUHWDLQHGLQWHUHVWV

3URFHHGVIURPVDOHVRIUHWDLOUHFHLYDEOHV      
3URFHHGVIURPLQWHUHVWLQVROGZKROHVDOHUHFHLYDEOHV  ಧ   
3URFHHGVIURPUHYROYLQJSHULRGVHFXULWL]DWLRQV      
3URFHHGVIURPVDOHRIUHWDLQHGQRWHVದ UHWDLO      ಧ
7RWDO      

&DVKIORZVUHODWHGWRQHWFKDQJHLQUHWDLQHGLQWHUHVW

,QWHUHVWLQVROGUHWDLOUHFHLYDEOHV       
,QWHUHVWLQVROGZKROHVDOHUHFHLYDEOHV   ಧ    
7RWDO      

6HUYLFLQJIHHV

5HWDLO      
:KROHVDOH  ಧ    
7RWDO      

2WKHUFDVKIORZVUHFHLYHGRQUHWDLQHGLQWHUHVWVZKLFKDUHUHIOHFWHGLQVHFXULWL]DWLRQLQFRPH

5HWDLO      
:KROHVDOH  ಧ    
7RWDO      
We repurchased $36 million, $43 million, and $143 million of receivables in 2006, 2005, and 2004, respectively,
relating to off-balance sheet sales of receivables due to receivable contract modifications or breach of initial eligibility
criteria representations.
Other Disclosures
The following table summarizes key assumptions used at December 31, 2006 in estimating cash flows from off-
balance sheet sales of retail receivables and the corresponding sensitivity of the current fair values to 10% and 20%
adverse changes (in millions, except percentages):
 
$VVXPSWLRQ ,PSDFWRQ)DLU9DOXH%DVHG
3HUFHQWDJH RQ$GYHUVH&KDQJH
DQQXDOUDWH &KDQJH &KDQJH
&DVKIORZGLVFRXQWUDWH 
    
(VWLPDWHGQHWFUHGLWORVVUDWH 
   
3UHSD\PHQWVSHHG
    
The effect of a variation in a particular assumption on the fair value of residual interest in securitization transactions
was calculated without changing any other assumptions and changes in one factor may result in changes in another.
Outstanding delinquencies over 30 days related to the off-balance sheet securitized portfolio were $208 million and
$386 million at December 31, 2006 and 2005, respectively. Credit losses, net of recoveries, were $84 million and
$127 million for the years ended December 31, 2006 and 2005, respectively. Expected static pool credit losses related to
outstanding securitized retail receivables were 1.2% at December 31, 2006. To calculate the static pool credit losses,
actual and projected future credit losses are added together and divided by the original balance of each pool of assets.