General Motors 2010 Annual Report Download - page 91

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Contractual Obligations and Other Long-Term Liabilities
We have the following minimum commitments under contractual obligations, including purchase obligations. A purchase
obligation is defined as an agreement to purchase goods or services that is enforceable and legally binding on us and that specifies all
significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the
approximate timing of the transaction. Other long-term liabilities are defined as long-term liabilities that are recorded on our
consolidated balance sheet. Based on this definition, the following table includes only those contracts which include fixed or
minimum obligations. The majority of our purchases are not included in the table as they are made under purchase orders which are
requirements based and accordingly do not specify minimum quantities.
The following table summarizes aggregated information about our outstanding contractual obligations and other long-term
liabilities at December 31, 2010 (dollars in millions):
Payments Due by Period
2011 2012-2013 2014-2015
2016
and after Total
Automotive debt (a) ................................................ $ 1,488 $ 1,014 $ 160 $ 3,209 $ 5,871
Automotive Financing debt (b) ....................................... 3,495 2,658 766 — 6,919
Capital lease obligations ............................................ 127 138 99 297 661
Automotive interest payments (c) ..................................... 169 280 308 683 1,440
Automotive Financing interest payments (d) ............................. 175 146 40 1 362
Postretirement benefits (e) ........................................... 469 164 — — 633
Contractual commitments for capital expenditures ........................ 1,165 2 — — 1,167
Operating lease obligations (f) ........................................ 460 609 401 492 1,962
Other contractual commitments:
Material ......................................................... 1,071 1,541 322 73 3,007
Information technology ........................................... 956 156 16 — 1,128
Marketing ...................................................... 761 393 200 136 1,490
Facilities ....................................................... 146 151 65 10 372
Rental car repurchases ............................................ 4,309 — — — 4,309
Policy, product warranty and recall campaigns liability .................. 2,884 3,151 790 206 7,031
Other .......................................................... 87 33 — — 120
Total contractual commitments (g) (h) (i) ............................... $17,762 $10,436 $3,167 $ 5,107 $36,472
Non-contractual postretirement benefits (j) .............................. $ 171 $ 1,078 $1,221 $21,182 $23,652
(a) Projected future payments on lines of credit were based on amounts drawn at December 31, 2010.
(b) GM Financial credit facilities and securitization notes payable have been classified based on expected payoff date. Senior notes
and convertible senior notes principal amounts have been classified based on maturity date.
(c) Amounts include Automotive interest payments based on contractual terms and current interest rates on our debt and capital lease
obligations. Automotive interest payments based on variable interest rates were determined using the current interest rate in
effect at December 31, 2010.
(d) GM Financial interest payments are calculated based on LIBOR plus the respective credit spreads and specified fees associated with
the medium-term note facility and the syndicated warehouse facility, the coupon rate for the senior notes and convertible senior
notes and a fixed rate of interest for securitization notes payable. GM Financial interest payments on the floating rate tranches of the
securitization notes payable were converted to a fixed rate based on the floating rate plus any expected hedge payments.
(e) Amounts include other postretirement benefit payments under the current U.S. contractual labor agreements for 2011 and Canada
labor agreements through 2012 and 2013. Amounts do not include pension funding obligations, which are discussed below under
the caption “Required Pension Funding Obligations.”
(f) Amounts include operating lease obligations for both Automotive and Automotive Financing. Automotive is included net of
sublease income.
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