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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Commercial Finance Receivables
At December 31, 2012 all commercial finance receivables were current with respect to payment status.
Note 6. Securitizations
Automotive Financing — GM Financial
The following table summarizes securitization activity and cash flows from consolidated SPEs used for securitizations (dollars in
millions):
Years Ended December 31, October 1, 2010
Through
December 31, 20102012 2011
Receivables securitized ..................................................... $6,777 $4,828 $743
Net proceeds from securitization .............................................. $6,400 $4,550 $700
Servicing fees
Variable interest entities .................................................... $ 242 $ 201 $ 46
Net distributions from trusts
Variable interest entities .................................................... $1,487 $ 852 $216
GM Financial retains servicing responsibilities for receivables transferred to securitization SPEs. At December 31, 2012 and 2011
GM Financial serviced finance receivables that have been transferred to certain SPEs of $9.9 billion and $7.9 billion. At
December 31, 2012 and 2011 a Canadian subsidiary of GM Financial serviced leased assets of $625 million and $1.0 billion for a
third-party.
Note 7. Marketable Securities
We measure the fair value of our marketable securities using a market approach where identical or comparable prices are available
and an income approach in other cases. We obtain the majority of the prices used in this valuation from a pricing service. Our pricing
service utilizes industry standard pricing models that consider various inputs, including benchmark yields, reported trades, broker/
dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. We conduct an annual review of
valuations provided by our pricing service, which includes discussion and analysis of the inputs used by the pricing service to provide
prices for the types of securities we hold. These inputs include prices for comparable securities, bid/ask quotes, interest rate yields and
prepayment spreads. Based on our review we believe the prices received from our pricing service are a reliable representation of exit
prices.
Peugeot S.A.
At December 31, 2012, we measured the fair value of our investment in Peugeot S.A. (PSA) common stock using the published
stock price and determined the carrying amount of our investment in PSA common stock exceeded its fair value. PSA’s stock price
has shown no sustained signs of recovery towards the price at which we acquired our seven percent interest in March 2012.
Based upon the 55% decline in PSA common stock price since our acquisition in March 2012 and the nine month duration of the
impairment, combined with our fourth quarter reassessment of our European automotive operations, we have concluded that the
impairment of our investment in PSA common stock is other-than-temporary. As a result we have transferred the total unrealized
losses from Accumulated other comprehensive loss to Interest income and other non-operating income, net resulting in recognition of
an impairment charge of $220 million.
General Motors Company 2012 ANNUAL REPORT96