General Motors 2011 Annual Report Download - page 107
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 9. Equipment on Operating Leases, net
Automotive
Equipment on operating leases, net is comprised of vehicle sales to daily rental car companies and to retail customers.
The following table summarizes information related to Equipment on operating leases, net (dollars in millions):
Successor
December 31, 2011 December 31, 2010
Equipment on operating leases ..................................................... $2,691 $2,843
Less: accumulated depreciation .................................................... (227) (275)
Equipment on operating leases, net .................................................. $2,464 $2,568
The following table summarizes depreciation expense and impairment charges related to Equipment on operating leases, net
(dollars in millions):
Successor Predecessor
Year Ended
December 31, 2011
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Depreciation expense ................................. $431 $500 $568 $275
Impairment charges .................................. $151 $ 49 $ 18 $ 63
The following tables summarize leased vehicles measured at fair value (all of which utilized Level 3 inputs) on a nonrecurring basis
subsequent to initial recognition (dollars in millions):
Successor
Fair Value Measurements Using
Fair Value Range
of Measures
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Year ended December 31, 2011 ........................ $200-922 $ — $ — $200-922
Year ended December 31, 2010 ........................ $537-668 $ — $ — $537-668
Period July 10, 2009 through December 31, 2009 .......... $543-567 $ — $ — $543-567
Predecessor
Fair Value Measurements Using
Fair Value Range
of Measures
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Period January 1, 2009 through July 9, 2009 .............. $539-2,057 $ — $ — $539-2,057
Fair value measurements of vehicles leased to rental car companies utilized projected cash flows from anticipated future auction
proceeds. Fair value measurements of automotive retail leases utilized discounted projected cash flows from lease payments and
anticipated future auction proceeds.
General Motors Company 2011 Annual Report 105