General Motors 2011 Annual Report Download - page 123

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 17. Short-Term and Long-Term Debt
Automotive
Short-Term Debt and Long-Term Debt
The following table summarizes the components of our short-term debt and long-term debt (dollars in millions):
Successor
December 31, 2011 December 31, 2010
Short-term debt
Wholesale financing (a) .......................................................... $ 1,081 $ 1,054
Korea mandatorily redeemable preferred shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312 —
Capitalleases................................................................... 139 129
Other short-term debt and current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 433
Total automotive short-term debt and current portion of long-term debt ..................... 1,682 1,616
Long-term debt
HCT Notes .................................................................... 1,141 —
Korea mandatorily redeemable preferred shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666 835
Capitalleases................................................................... 853 532
Otherlong-termdebt(a) .......................................................... 953 1,647
Total long-term debt ............................................................. 3,613 3,014
Total automotive debt (b) ......................................................... $ 5,295 $ 4,630
Fair value of debt (c) ............................................................. $ 5,467 $ 4,840
Available under short-term line of credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 560 $ 445
Available under long-term line of credit agreements .................................... $ 5,307 $ 5,474
Interest rate range on outstanding debt (d) ............................................ 0.0–19.0% 0.0–16.7%
Weighted-average interest rate on outstanding short-term debt (d) ......................... 5.0% 5.7%
Weighted-average interest rate on outstanding long-term debt (d) ......................... 3.6% 2.7%
(a) Includes debt obligations to Ally Financial of $1.1 billion at December 31, 2011 and 2010.
(b) Net of a $1.6 billion and $1.9 billion discount at December 31, 2011 and 2010.
(c) We determined the fair value of debt based on a discounted cash flow model which used benchmark yield curves plus a spread
that represented the yields on traded bonds of companies with comparable credit ratings and risk profiles.
(d) Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
The following table summarizes our short-term and long-term debt by collateral type (dollars in millions):
Successor
December 31, 2011 December 31, 2010
Unsecured debt ................................................................. $3,065 $2,011
Secured debt (a) ................................................................. 1,238 1,958
Capitalleases................................................................... 992 661
Total automotive debt ............................................................ $5,295 $4,630
(a) Includes wholesale financing of dealer inventory.
General Motors Company 2011 Annual Report 121