General Motors 2012 Annual Report Download - page 102

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
We maintained securities of $84 million as compensating balances to support letters of credit of $70 million at December 31, 2011.
At December 31, 2012 these compensating balances were not required.
Sales proceeds from investments in marketable securities classified as available-for-sale and sold prior to maturity were $4.7
billion, $1.6 billion and $11 million in the years ended December 31, 2012, 2011 and 2010.
The following table summarizes the amortized cost and the fair value of investments classified as available-for-sale within cash
equivalents, marketable securities and restricted cash by contractual maturity at December 31, 2012 (dollars in millions):
Amortized Cost Fair Value
Due in one year or less ................................................................... $ 9,281 $ 9,318
Due after one year through five years ....................................................... 1,892 1,896
Total contractual maturities of available-for-sale securities ...................................... $11,173 $11,214
Note 8. Inventories
The following table summarizes the components of Inventories (dollars in millions):
December 31, 2012 December 31, 2011
Productive material, supplies and work in process ...................................... $ 6,560 $ 6,486
Finished product, including service parts ............................................. 8,154 7,838
Total inventories ................................................................ $14,714 $14,324
Note 9. Equipment on Operating Leases, net
Automotive
Equipment on operating leases, net is composed of vehicle sales to daily rental car companies.
The following table summarizes information related to Equipment on operating leases, net (dollars in millions):
December 31, 2012 December 31, 2011
Equipment on operating leases ..................................................... $1,946 $2,691
Less: accumulated depreciation .................................................... (164) (227)
Equipment on operating leases, net .................................................. $1,782 $2,464
The following table summarizes depreciation expense and impairment charges related to Equipment on operating leases, net
(dollars in millions):
Years Ended December 31,
2012 2011 2010
Depreciation expense .................................................................. $227 $431 $500
Impairment charges .................................................................... $181 $151 $ 49
General Motors Company 2012 ANNUAL REPORT 99