General Motors 2010 Annual Report Download - page 223

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
OPEB Contributions
The following table summarizes contributions (withdrawals) to the U.S. OPEB plans (dollars in millions):
Successor Predecessor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31,
2008 (a)
Employer contributions (withdrawals) ....................... $651 $1,528 $1,947 $(1,356)
Plan participants’ contributions. ............................ 53 172 169 401
Total contributions (withdrawals) .......................... $704 $1,700 $2,116 $ (955)
(a) Both the U.S. non-UAW hourly and salaried VEBAs were effectively liquidated by December 31, 2008 resulting in withdrawals
from plan assets.
Benefit Payments
The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to
estimated future employee service, but does not reflect the effect of the 2009 CAW Agreement which provides for our independent
HCT (dollars in millions):
Successor
Years Ended December 31,
Pension Benefits (a) Other Benefits
U.S. Plans Non-U.S. Plans U.S. Plans (b) Non-U.S. Plans
2011 .......................................................... $ 8,765 $1,460 $ 451 $ 189
2012 .......................................................... $ 8,463 $1,461 $ 427 $ 199
2013 .......................................................... $ 8,186 $1,480 $ 407 $ 209
2014 .......................................................... $ 7,999 $1,513 $ 391 $ 220
2015 .......................................................... $ 7,855 $1,534 $ 379 $ 231
2016-2020 ...................................................... $36,033 $7,889 $1,796 $1,287
(a) Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our cash and cash
equivalents.
(b) Benefit payments presented in this table reflect the effect of the implementation of the 2009 UAW Retiree Settlement Agreement
which releases us from UAW retiree healthcare claims incurred after December 31, 2009.
Note 21. Derivative Financial Instruments and Risk Management
Automotive
Derivatives and Hedge Accounting
We are party to a variety of foreign currency exchange rate and commodity derivative contracts entered into in connection with the
management of exposure to fluctuations in foreign currency exchange rates and certain commodity prices.
Our derivative instruments consist of derivative contracts or economic hedges, including forward contracts and options that we
acquired from Old GM or purchased directly from counterparties. At December 31, 2010 and 2009 no outstanding derivative contracts
were designated in hedging relationships other than those derivative contracts designated in a hedging relationship by GM Financial.
General Motors Company 2010 Annual Report 221