General Motors 2014 Annual Report Download - page 49

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
Our cash equivalents and marketable securities balances are primarily denominated in U.S. Dollars and include investments in U.S.
government and agency obligations, foreign government securities, time deposits and corporate debt securities. Our investment
guidelines, which we may change from time to time, prescribe certain minimum credit worthiness thresholds and limit our exposures
to any particular sector, asset class, issuance or security type. Substantially all of our current investments in debt securities are with A/
A2 or better rated issuers.
We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity and to fund working
capital needs at certain of our subsidiaries. The total size of our credit facilities was $12.6 billion and $11.2 billion at December 31,
2014 and 2013 which consisted primarily of the revolving credit facilities previously disclosed. We did not borrow against our two
primary facilities, but had amounts in use under the letter of credit sub-facility of $0.5 billion at December 31, 2014. At December 31,
2014 GM Financial had access to the revolving credit facilities, but did not borrow against them. In September 2014 the collateral
previously securing these revolving credit facilities was released upon obtaining an investment grade corporate rating from both
Moody’s Investor Service (Moody’s) and Standard & Poor’s (S&P).
The following table summarizes our automotive available liquidity (dollars in billions):
December 31, 2014 December 31, 2013
Cash and cash equivalents ......................................................... $ 16.0 $ 18.9
Marketable securities ............................................................ 9.2 9.0
Available liquidity ............................................................... 25.2 27.9
Available under credit facilities .................................................... 12.0 10.4
Total automotive available liquidity ................................................. $ 37.2 $ 38.3
The following table summarizes the changes in our automotive available liquidity (dollars in billions):
Year Ended
2014 vs. 2013
Change
Operating cash flow ................................................................................ $ 10.1
Capital expenditures ................................................................................ (7.0)
Issuance of senior unsecured notes ..................................................................... 2.5
Redemption of Series A Preferred Stock ................................................................ (3.9)
Dividends paid (excluding charge related to redemption of Series A Preferred Stock) ............................. (2.4)
Increase in available credit facilities .................................................................... 1.6
Effect of foreign currency ............................................................................ (1.1)
Capital contribution to GM Financial for the acquisition of Ally Financial’s equity interest in SAIC-GMAC .......... (0.7)
Other ............................................................................................ (0.2)
Total change in automotive available liquidity ........................................................... $ (1.1)
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