General Motors 2013 Annual Report Download - page 105

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Pension Funding Requirements
We are subject to a variety of U.S. federal rules and regulations, including the Employee Retirement Income Security Act of 1974,
as amended and the Pension Protection Act of 2006, which govern the manner in which we fund and administer our pensions for our
retired employees and their spouses. In 2012 the U.S. government enacted the Moving Ahead for Progress in the 21st Century Act
which allows plan sponsors funding relief for pension plans through the application of higher funding interest rates. As a result, under
current economic conditions, we expect no mandatory contributions to our U.S. qualified pension plans for at least five years. The
new law does not impact our reported funded status. We have no funding requirements for our U.S. qualified plans in 2014.
We also maintain pension plans for employees in a number of countries outside the U.S. which are subject to local laws and
regulations.
Benefit Payments
The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to
estimated future employee service (dollars in millions):
Pension Benefits (a) Other Benefits
U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans
2014 ........................................................... $ 5,780 $ 1,609 $ 376 $ 77
2015 ........................................................... $ 5,687 $ 1,597 $ 364 $ 65
2016 ........................................................... $ 5,475 $ 1,688 $ 352 $ 65
2017 ........................................................... $ 5,368 $ 1,711 $ 341 $ 65
2018 ........................................................... $ 5,210 $ 1,581 $ 332 $ 66
2019 - 2023 ...................................................... $ 24,019 $ 7,858 $ 1,576 $ 357
(a) Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our Cash and cash equivalents.
Note 16. Derivative Financial Instruments
Automotive
At December 31, 2013 and 2012 our derivative instruments consisted primarily of options and forward contracts, none of which
were designated as hedging relationships. We had derivative instruments in asset positions with notional amounts of $9.3 billion and
$9.1 billion and liability positions with notional amounts of $427 million and $1.6 billion at December 31, 2013 and 2012. The fair
value of these derivative instruments was insignificant.
Automotive Financing — GM Financial
GM Financial had interest rate swaps and caps in asset positions with notional amounts of $3.8 billion and $775 million and
liability positions with notional amounts of $5.5 billion and $775 million at December 31, 2013 and 2012. As a result of the
acquisition of certain Ally Financial international operations, GM Financial had foreign currency swaps with notional amounts of $1.7
billion and $2.1 billion in asset and liability positions at December 31, 2013. The fair value of these derivative financial instruments
was insignificant.
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