General Motors 2012 Annual Report Download - page 146

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 20. Commitments and Contingencies
The following tables summarize information related to commitments and contingencies (dollars in millions):
December 31, 2012 December 31, 2011
Liability
Recorded
Maximum
Liability (a)
Liability
Recorded
Maximum
Liability (a)
Guarantees (b)
Operating leases ......................................................... $— $ 9 $— $ 26
Ally Financial commercial loans ............................................ $ 4 $ 6 $— $ 24
Third-party commercial loans and other obligations ............................. $70 $ 296 $ 7 $210
Other product-related claims ............................................... $51 $1,040 $53 $838
(a) Calculated as future undiscounted payments.
(b) Excludes residual support and risk sharing programs and vehicle repurchase obligations related to Ally Financial.
December 31, 2012 December 31, 2011
Liability Recorded Liability Recorded
Credit card programs (a)
Redemption liability (b) ........................................................ $ 209 $ 123
Deferred revenue (c) ........................................................... $ 355 $ 345
Environmental liability (d) ........................................................ $ 166 $ 169
Product liability ................................................................. $ 601 $ 514
Other litigation-related liability and tax administrative matters (e) ......................... $1,728 $1,196
(a) At December 31, 2012 and 2011 qualified cardholders had rebates available, net of deferred program revenue, of $1.8 billion and
$2.3 billion.
(b) Recorded in Accrued liabilities.
(c) Recorded in Other liabilities and deferred income taxes.
(d) Includes $33 million and $34 million recorded in Accrued liabilities at December 31, 2012 and 2011, and the remainder was
recorded in Other liabilities and deferred income taxes.
(e) Primarily 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 2018 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 27 for additional information on guarantees that we provide to Ally Financial.
We have agreements with third-parties that guarantee the fulfillment of certain suppliers’ commitments and other obligations.
These guarantees expire in 2013 through 2017 or are ongoing, or upon the occurrence of specific events.
General Motors Company 2012 ANNUAL REPORT 143