General Motors 2011 Annual Report Download - page 154

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 20. Commitments and Contingencies
Consolidated
The following tables summarize information related to commitments and contingencies (dollars in millions):
Successor
December 31, 2011 December 31, 2010
Liability
Recorded
Maximum
Liability (a)
Liability
Recorded
Maximum
Liability (a)
Guarantees (b)
Operatingleases ......................................................... $— $ 26 $ 7 $ 59
AllyFinancialcommercialloans ............................................ $— $ 24 $— $ 17
Supplier commitments, third party commercial loans and other obligations .......... $ 7 $210 $— $119
Otherproduct-relatedclaims ............................................... $53 $838 $50 $841
(a) Calculated as future undiscounted payments.
(b) Excludes residual support and risk sharing programs and vehicle repurchase obligations related to Ally Financial.
Successor
December 31, 2011 December 31, 2010
Liability Recorded Liability Recorded
Credit card programs (a)
Redemptionliability(b) ........................................................ $ 123 $ 167
Deferredrevenue(c) ........................................................... $ 345 $ 408
Environmentalliability(d) ........................................................ $ 169 $ 195
Productliability................................................................. $ 514 $ 365
Other litigation-related liability and tax administrative matters (e) ......................... $1,196 $1,471
(a) At December 31, 2011 and 2010 qualified cardholders had rebates available, net of deferred program revenue, of $2.3 billion and
$2.8 billion.
(b) Recorded in Accrued liabilities.
(c) Recorded in Other liabilities and deferred income taxes. At December 31, 2011 and 2010 deferred revenue includes an
unfavorable contract liability recorded in applying fresh-start reporting at July 10, 2009.
(d) Includes $34 million and $45 million recorded in Accrued liabilities at December 31, 2011 and 2010, and the remainder was
recorded in Other liabilities and deferred income taxes.
(e) Consists primarily of indirect tax-related litigation as well as various non-U.S. labor related matters.
Guarantees
We have provided guarantees related to the residual value of certain operating leases. These guarantees terminate in years ranging
from 2016 to 2035. Certain leases contain renewal options.
We provide payment guarantees on commercial loans made by Ally Financial and outstanding with certain third parties, such as
dealers or rental car companies. These guarantees either expire in 2029 or are ongoing. We determined the fair value ascribed to the
guarantees at inception and subsequent to inception to be insignificant based on the credit worthiness of the third parties. Refer to
Note 28 for additional information on guarantees that we provide to Ally Financial.
152 General Motors Company 2011 Annual Report