General Motors 2013 Annual Report Download - page 94

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Debt Maturities
The following table summarizes contractual maturities including capital leases at December 31, 2013 (dollars in millions):
Automotive
Automotive
Financing (a) Total
2014 ........................................................................ $ 543 $ 13,594 $ 14,137
2015 ........................................................................ 147 6,473 6,620
2016 ........................................................................ 109 4,199 4,308
2017 ........................................................................ 496 2,337 2,833
2018 ........................................................................ 1,582 1,693 3,275
Thereafter .................................................................... 5,025 750 5,775
$ 7,902 $ 29,046 $ 36,948
(a) Secured debt, bank lines and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
At December 31, 2013 future interest payments on automotive capital lease obligations were $578 million. GM Financial had no
capital lease obligations at December 31, 2013.
Note 15. Pensions and Other Postretirement Benefits
Employee Pension and Other Postretirement Benefit Plans
Defined Benefit Pension Plans
Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to October 2007) and Canadian hourly employees
generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees who retire with
30 years of service before normal retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired
prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on
years of service and compensation history. Accrual of defined pension benefits ceased on September 30, 2012 for U.S. salaried
employees and on December 31, 2012 for Canadian salaried employees. There is also an unfunded nonqualified pension plan covering
primarily U.S. executives for service prior to January 1, 2007 and it is based on an “excess plan” for service after that date.
Pension Contributions
The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required by
applicable law and regulations or to directly pay benefit payments where appropriate. At December 31, 2013 all legal funding
requirements had been met. We expect to contribute $100 million to our U.S. non-qualified plans and $749 million to our non-U.S.
pension plans in 2014. The following table summarizes contributions made to the defined benefit pension plans (dollars in millions):
Years Ended December 31,
2013 2012 2011
U.S. hourly and salaried ............................................................ $ 128 $ 2,420 $ 1,962
Non-U.S. ....................................................................... 886 855 836
Total ........................................................................... $ 1,014 $ 3,275 $ 2,798
We made a voluntary contribution in January 2011 to our U.S. hourly and salaried defined benefit pension plans of 61 million
shares of our common stock valued at $2.2 billion for funding purposes at the time of contribution. The contributed shares qualified as
a plan asset for funding purposes at the time of contribution and as a plan asset valued at $1.9 billion for accounting purposes in July
2011. This was a voluntary contribution above our funding requirements for the pension plans.
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2013 ANNUAL REPORT