General Motors 2011 Annual Report Download - page 54

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Refer to Note 18 to our consolidated financial statements for the change in benefit obligations and related plan assets.
The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to
estimated future employee service (dollars in millions):
Successor
Years Ended December 31,
Pension Benefits (a) Other Benefits
U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (b)
2012 .......................................................... $ 8,514 $1,437 $ 419 $ 55
2013 .......................................................... $ 8,262 $1,441 $ 403 $ 58
2014 .......................................................... $ 8,065 $1,475 $ 367 $ 61
2015 .......................................................... $ 7,918 $1,505 $ 357 $ 65
2016 .......................................................... $ 7,645 $1,528 $ 350 $ 68
2017-2021 ...................................................... $35,435 $7,725 $1,678 $381
(a) Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our Cash and cash
equivalents.
(b) Benefit payments presented in this table reflect the effect of the implementation of the HCT which releases us from certain CAW
retiree healthcare claims incurred after October 31, 2011.
Off-Balance Sheet Arrangements
We do not currently utilize off-balance sheet securitization arrangements. All trade or financing receivables and related obligations
subject to securitization programs are recorded on our consolidated balance sheets at December 31, 2011 and 2010.
Guarantees Provided to Third Parties
We have provided guarantees related to the residual value of operating leases, certain suppliers’ commitments, certain product-
related claims and commercial loans made by Ally Financial and outstanding with certain third parties excluding vehicle repurchase
obligations, residual support and risk sharing related to Ally Financial. The maximum potential obligation under these commitments
was $1.1 billion and $1.0 billion at December 31, 2011 and 2010.
Our current agreement with Ally Financial requires the repurchase of Ally Financial financed inventory invoiced to dealers with
limited exclusions, in the event of a qualifying voluntary or involuntary termination of the dealer’s sales and service agreement. The
repurchase obligation ended in August 2010 for vehicles invoiced through August 2009, ended in August 2011 for vehicles invoiced
through August 2010, ends in August 2012 for vehicles invoiced through August 2011 and ends in August 2013 for vehicles invoiced
through August 2012.
The maximum potential amount of future payments required to be made to Ally Financial under this guarantee would be based on
the repurchase value of total eligible vehicles financed by Ally Financial in dealer stock and is estimated to be $19.8 billion and $18.8
billion at December 31, 2011 and 2010. If vehicles are required to be repurchased under this arrangement, the total exposure would be
reduced to the extent vehicles are able to be resold to another dealer or at auction. The fair value of the guarantee was $17 million and
$21 million at December 31, 2011 and 2010 which considers the likelihood of dealers terminating and estimating the loss exposure for
the ultimate disposition of vehicles.
Refer to Notes 20 and 28 to our consolidated financial statements for additional information on guarantees we have provided.
52 General Motors Company 2011 Annual Report