General Motors 2013 Annual Report Download - page 45

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the
approximate timing of the transaction. Other long-term liabilities are defined as long-term liabilities that are recorded on our
consolidated balance sheet. Based on this definition, the following table includes only those contracts which include fixed or
minimum obligations. The majority of our purchases are not included in the table as they are made under purchase orders which are
requirements based and accordingly do not specify minimum quantities.
The following table summarizes aggregated information about our outstanding contractual obligations and other long-term
liabilities at December 31, 2013 (dollars in millions):
Payments Due by Period
2014 2015-2016 2017-2018 2019 and after Total
Automotive debt .......................................... $ 389 $ 26 $ 1,781 $ 4,741 $ 6,937
Automotive Financing debt ................................. 13,594 10,672 4,030 750 29,046
Capital lease obligations .................................... 154 230 297 284 965
Automotive interest payments (a) ............................ 362 635 552 2,944 4,493
Automotive Financing interest payments (b) .................... 766 833 232 141 1,972
Postretirement benefits (c) .................................. 259 279 3 — 541
Contractual commitments for capital expenditures ............... 224 — — — 224
Operating lease obligations ................................. 311 397 173 206 1,087
Other contractual commitments:
Material .............................................. 947 991 117 30 2,085
Marketing ............................................. 1,089 780 267 181 2,317
Rental car repurchases ................................... 3,761 — — — 3,761
Policy, product warranty and recall campaigns liability ......... 2,628 3,266 1,153 246 7,293
Other ................................................. 980 522 462 670 2,634
Total contractual commitments (d)(e) ......................... $ 25,464 $ 18,631 $ 9,067 $ 10,193 $ 63,355
Non-contractual postretirement benefits (f) ..................... $ 194 $ 567 $ 801 $ 11,136 $ 12,698
(a) Amounts include Automotive interest payments based on contractual terms and current interest rates on our debt and capital lease obligations.
Automotive interest payments based on variable interest rates were determined using the interest rate in effect at December 31, 2013.
(b) GM Financial interest payments were determined using the interest rate in effect at December 31, 2013 for floating rate debt and the contractual
rates for fixed rate debt. GM Financial interest payments on floating rate tranches of the securitization notes payable were converted to a fixed
rate based on the floating rate plus any expected hedge payments.
(c) Amounts include OPEB payments under the current U.S. contractual labor agreements through 2015 and Canada labor agreements through
2016. Amounts do not include pension funding obligations, which are discussed below under the caption “Pension Funding Requirements.”
(d) Amounts do not include future cash payments for long-term purchase obligations and other accrued expenditures (unless specifically listed in
the table above) which were recorded in Accounts payable or Accrued liabilities at December 31, 2013.
(e) Amounts exclude the future annual contingent obligations of Euro 265 million in the years 2013 to 2014 related to our Opel/Vauxhall
restructuring plan. Refer to Note 17 to our consolidated financial statements for further detail.
(f) Amounts include all expected future payments for both current and expected future service at December 31, 2013 for OPEB obligations for
salaried employees and hourly OPEB obligations extending beyond the current North American union contract agreements. Amounts do not
include pension funding obligations, which are discussed below under the caption “Pension Funding Requirements.”
The table above does not reflect unrecognized tax benefits of $2.5 billion due to the high degree of uncertainty regarding the future
cash outflows associated with these amounts.
Pension Funding Requirements
We have implemented and completed a balance sheet derisking strategy, comprising certain actions related to our U.S. salaried
pension plan. These actions included payment of lump-sums to retirees, the purchase of group annuity contracts from an insurance
company and the settlement of other previously guaranteed obligations.
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