General Motors 2013 Annual Report Download - page 44

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
The decrease in underfunded status of the non-U.S. pension plans primarily in Canada, the United Kingdom and Germany was due
primarily to: (1) actuarial gains due primarily to discount rate increases of $1.0 billion; (2) actual return on plan assets of $1.0 billion;
and (3) contributions and benefit payments of $0.9 billion; partially offset by (4) service and interest costs of $1.4 billion; (5) net
unfavorable foreign currency effect of $0.2 billion; and (6) business combinations of $0.1 billion.
Hourly and salaried OPEB plans provide postretirement life insurance to certain U.S. retirees and eligible dependents and
postretirement health coverage to some U.S. retirees and eligible dependents. Certain of the non-U.S. subsidiaries have postretirement
benefit plans, although most participants are covered by government sponsored or administered programs.
The following table summarizes the unfunded status of OPEB plans (dollars in millions):
December 31, 2013 December 31, 2012
U.S. OPEB plans ................................................................ $ 5,110 $ 6,271
Non-U.S. OPEB plans ............................................................ 1,238 1,528
Total unfunded ................................................................. $ 6,348 $ 7,799
Refer to Note 15 to our consolidated financial statements for the change in benefit obligations and related plan assets.
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.
Off-Balance Sheet Arrangements
We do not currently utilize off-balance sheet securitization arrangements. All trade or financing receivables and related obligations
subject to securitization programs are recorded on our consolidated balance sheets at December 31, 2013 and 2012.
Guarantees Provided to Third Parties
We have provided guarantees related to the residual value of operating leases, certain suppliers’ commitments, certain product-
related claims and third party commercial loans and other obligations. The maximum potential obligation under these commitments
was $16.9 billion and $23.5 billion at December 31, 2013 and 2012.
Refer to Note 17 to our consolidated financial statements for additional information on guarantees we have provided.
Contractual Obligations and Other Long-Term Liabilities
We have the following minimum commitments under contractual obligations, including purchase obligations. A purchase
obligation is defined as an agreement to purchase goods or services that is enforceable and legally binding on us and that specifies all
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2013 ANNUAL REPORT