General Motors 2011 Annual Report Download - page 121
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Nonconsolidated VIEs
Automotive
VIEs that are not consolidated include certain vehicle assembling, manufacturing, and selling venture arrangements and other
automotive related entities to which we provide financial support, including American Axle and Manufacturing Holdings, Inc.
(American Axle), Ally Financial and HKJV. We concluded these entities are VIEs because they do not have sufficient equity at risk or
will require additional subordinated financial support. We currently lack the power through voting or similar rights to direct those
activities of these entities that most significantly affect their economic performance. Our variable interests in these nonconsolidated
VIEs include accounts and notes receivable, equity in net assets, guarantees and financial support, some of which were provided to
certain current or previously divested suppliers in order to ensure that supply needs for production were not disrupted due to a
supplier’s liquidity concerns or possible shutdowns.
The following table summarizes the amounts recorded for nonconsolidated VIEs and the related off-balance sheet guarantees and
maximum exposure to loss, excluding Ally Financial that is disclosed in Note 28 (dollars in millions):
December 31, 2011 December 31, 2010
Carrying Amount
Maximum Exposure
to Loss Carrying Amount
Maximum Exposure
to Loss
Assets
Accounts and notes receivable, net ................... $ 1 $ 1 $108 $108
Equity in net assets of nonconsolidated affiliates . . . . . . . . 190 186 274 274
Otherassets ..................................... 1 1 60 59
Total assets ..................................... $192 $188 $442 $441
Liabilities
Accounts payable (principally trade) .................. $ — $ — $ 1 $ —
Otherliabilities .................................. 198 — 44 —
Total liabilities ................................... $198 $ — $ 45 $ —
Off-Balance Sheet
Loancommitments ............................... $ 15 $100
Other guarantees ................................. — 3
Other liquidity arrangements . . . . . . . . . . . . . . . . . . . . . . . . 220 223
Total guarantees and liquidity arrangements ............ $235 $326
Refer to Notes 10 and 28 for additional information on Ally Financial, including our maximum exposure to loss under agreements
with Ally Financial and our recorded investment in Ally Financial. Refer to Notes 4 and 10 for additional information on our
investment in HKJV.
General Motors Company 2011 Annual Report 119