General Motors 2011 Annual Report Download - page 104

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 6. Securitizations
Automotive Financing — GM Financial
The following table summarizes securitization activity and cash flows from consolidated SPEs used for securitizations (dollars in
millions):
Successor
Year Ended
December 31, 2011
October 1, 2010
Through
December 31, 2010
Receivables securitized ........................................................... $4,828 $743
Net proceeds from securitization ................................................... $4,550 $700
Servicing Fees
Variableinterestentities .......................................................... $ 201 $ 46
Net Distributions from Trusts
Variableinterestentities .......................................................... $ 852 $216
GM Financial retains servicing responsibilities for receivables transferred to certain securitization SPEs. At December 31, 2011 and
2010 GM Financial serviced finance receivables that have been transferred to certain SPEs of $7.9 billion and $7.2 billion.
Note 7. Marketable Securities
Automotive
The following tables summarize information regarding marketable securities (dollars in millions):
Successor
December 31, 2011
Unrealized Fair
Value
Fair Value Measurements on a Recurring Basis
Cost Gains Losses Level 1 Level 2 Level 3
Available-for-sale securities
U.S. government and agencies ............ $ 5,214 $ 2 $— $ 5,216 $— $ 5,216 $—
Sovereign debt . . . . . . . . . . . . . . . . . . . . . . . . 143 — — 143 — 143 —
Certificates of deposit . . . . . . . . . . . . . . . . . . 178 — — 178 — 178 —
Corporate debt ........................ 4,566 3 4 4,565 — 4,565 —
Total available-for-sale securities ........... 10,101 5 4 10,102 — 10,102 —
Trading securities (a)
Equity ............................... 39 — 5 34 34 — —
Sovereign debt ........................ 5,951 18 33 5,936 — 5,936 —
Otherdebt............................ 77 1 2 76 — 76 —
Total trading securities .................... 6,067 19 40 6,046 34 6,012 —
Total marketable securities ................ $16,168 $24 $44 $16,148 $34 $16,114 $—
(a) Unrealized gains/losses on trading securities are primarily related to remeasurement of CAD denominated securities.
102 General Motors Company 2011 Annual Report