General Motors 2012 Annual Report Download - page 100

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
GM Korea Preferred Shares
In September 2012 we entered into a transaction to acquire security interests in certain mandatorily redeemable preferred shares
issued by GM Korea for $293 million. The transaction did not meet the criteria for an extinguishment of the liability. Subsequently,
GM Korea partially redeemed the mandatorily redeemable preferred shares resulting in an extinguishment of the liability and
redemption of a portion of the security interests, which is described in more detail in Note 17. The remaining unredeemed interests are
classified as available-for-sale corporate debt securities and had a fair value of $177 million at December 31, 2012.
The following tables summarize information regarding marketable securities (dollars in millions):
December 31, 2012
Unrealized Fair
Value
Fair Value Measurements on a Recurring Basis
Cost Gains Losses Level 1 Level 2 Level 3
Cash and cash equivalents
Available-for-sale securities
U.S. government and agencies ...................... $4,190 $— $— $ 4,190 $ — $4,190 $—
Certificates of deposit ............................. 120 — — 120 — 120 —
Money market funds .............................. 1,799 — — 1,799 1,799 — —
Corporate debt .................................. 3,102 — — 3,102 — 3,102 —
Total available-for-sale securities ..................... $9,211 $— $— 9,211 1,799 7,412 —
Trading securities ..................................
Sovereign debt .................................. 1,408 — 1,408 —
Total trading securities .............................. 1,408 — 1,408 —
Total marketable securities classified as cash equivalents . . . 10,619 $1,799 $8,820 $—
Cash, time deposits and other cash equivalents ........... 7,803
Total cash and cash equivalents ....................... $18,422
Marketable securities — current
Available-for-sale securities
U.S. government and agencies ...................... $1,231 $— $— $ 1,231 $ — $1,231 $—
Sovereign debt .................................. 30 — — 30 — 30 —
Certificates of deposit ............................. 10 — — 10 — 10 —
Corporate debt (a) ................................ 2,455 40 — 2,495 — 2,495 —
Equity ......................................... — 21 — 21 21 — —
Total available-for-sale securities ..................... $3,726 $61 $— 3,787 21 3,766 —
Trading securities ..................................
Sovereign debt .................................. 5,201 — 5,201 —
Total trading securities .............................. 5,201 — 5,201 —
Total marketable securities - current ................... 8,988 21 8,967 —
Marketable securities — non-current
Available-for-sale securities
Equity (b) ...................................... $ 179 $— $— 179 179 — —
Total marketable securities - non-current ................ $ 179 $— $— 179 179 — —
Total marketable securities ........................... $ 9,167 $ 200 $8,967 $—
Restricted cash and marketable securities
Available-for-sale securities
Money market funds .............................. $ 933 $— $— $ 933 $ 933 $ — $—
Sovereign debt .................................. 23 1 — 24 — 24 —
Other .......................................... 175 — — 175 — 175 —
Total marketable securities classified as restricted cash and
marketable securities ............................. $1,131 $ 1 $— 1,132 $ 933 $ 199 $—
Restricted cash, time deposits and other restricted cash
equivalents ..................................... 236
Total restricted cash and marketable securities ........... $ 1,368
(a) Includes security interest in the GM Korea mandatorily redeemable preferred shares.
General Motors Company 2012 ANNUAL REPORT 97