General Motors 2011 Annual Report Download - page 55

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Contractual Obligations and Other Long-Term Liabilities
We have the following minimum commitments under contractual obligations, including purchase obligations. A purchase
obligation is defined as an agreement to purchase goods or services that is enforceable and legally binding on us and that specifies all
significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the
approximate timing of the transaction. Other long-term liabilities are defined as long-term liabilities that are recorded on our
consolidated balance sheet. Based on this definition, the following table includes only those contracts which include fixed or
minimum obligations. The majority of our purchases are not included in the table as they are made under purchase orders which are
requirements based and accordingly do not specify minimum quantities.
The following table summarizes aggregated information about our outstanding contractual obligations and other long-term
liabilities at December 31, 2011 (dollars in millions):
Payments Due by Period
2012 2013-2014 2015-2016
2017
and after Total
Automotive debt (a) ................................................ $ 1,530 $ 245 $ 605 $ 3,478 $ 5,858
Automotive Financing debt (b) ....................................... 4,263 2,504 1,142 586 8,495
Capitalleaseobligations ............................................ 134 188 94 560 976
Automotive interest payments (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 588 451 512 1,673
Automotive Financing interest payments (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 236 117 49 595
Postretirementbenefits(e) ........................................... 267 450 214 — 931
Contractual commitments for capital expenditures ........................ 1,233 91 — — 1,324
Operating lease obligations (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 466 284 368 1,481
Other contractual commitments:
Material ....................................................... 1,038 749 347 175 2,309
Marketing ...................................................... 933 508 220 54 1,715
Rental car repurchases ............................................ 4,265 — — — 4,265
Policy, product warranty and recall campaigns liability .................. 3,159 2,767 679 207 6,812
Other .......................................................... 1,185 310 86 68 1,649
Total contractual commitments (g) (h) (i) ............................... $18,685 $9,102 $4,239 $ 6,057 $38,083
Non-contractual postretirement benefits (j) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 215 $ 437 $ 626 $14,154 $15,432
(a) Projected future payments on lines of credit were based on amounts drawn at December 31, 2011.
(b) GM Financial credit facilities and securitization notes payable have been classified based on expected payoff date. Senior notes
and convertible senior notes principal amounts have been classified based on maturity date.
(c) Amounts include Automotive interest payments based on contractual terms and current interest rates on our debt and capital lease
obligations. Automotive interest payments based on variable interest rates were determined using the interest rate in effect at
December 31, 2011.
(d) GM Financial interest payments are calculated based on LIBOR plus the respective credit spreads and specified fees associated
with the medium-term note facility and the syndicated warehouse facility, the coupon rate for the senior notes and convertible
senior notes and a fixed rate of interest for securitization notes payable. GM Financial interest payments on the floating rate
tranches of the securitization notes payable were converted to a fixed rate based on the floating rate plus any expected hedge
payments.
(e) Amounts include other postretirement benefit payments under the current U.S. contractual labor agreements through 2015 and
Canada labor agreements through 2012 and 2013. Amounts do not include pension funding obligations, which are discussed
below under the caption “Pension Funding Requirements.”
(f) Amounts include operating lease obligations for both Automotive and Automotive Financing. Automotive is included net of
sublease income.
General Motors Company 2011 Annual Report 53