General Motors 2014 Annual Report Download - page 51

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
Years Ended December 31, Year Ended
2014 vs. 2013
Change
Year Ended
2013 vs. 2012
Change2014 2013 2012
Financing Activities
Issuance of senior unsecured notes ................................. $ 2.5 $ 4.5 $ — $ (2.0) $ 4.5
Prepayment of Canadian Health Care Trust (HCT) notes (principal) ....... — (1.1) — 1.1 (1.1)
Early redemption of GM Korea preferred stock ....................... — (0.7) (0.7) 0.7 —
Redemption and purchase of Series A Preferred Stock .................. (3.9) (3.2) — (0.7) (3.2)
Purchase of Common Stock ....................................... (0.2) — (5.1) (0.2) 5.1
Dividends paid (excluding charge related to redemption and purchase of
Series A Preferred Stock) ...................................... (2.4) (0.9) (0.9) (1.5) —
Other ........................................................ (0.1) — (0.4) (0.1) 0.4
Automotive cash flows from financing activities ...................... $ (4.1) $ (1.4) $ (7.1) $ (2.7) $ 5.7
In the year ended December 31, 2014 the change in dividends paid was due primarily to payments for common stock dividends.
In the year ended December 31, 2013 the change in other was due primarily to net activity of debt facilities held by certain of our
foreign subsidiaries, primarily in GMIO and GMSA.
Adjusted Free Cash Flow
The following table summarizes adjusted free cash flow (dollars in billions):
Years Ended December 31,
2014 2013 2012
Operating cash flow ................................................................... $ 10.1 $ 11.0 $ 9.6
Less: capital expenditures .............................................................. (7.0) (7.5) (8.0)
Adjustments ......................................................................... — 0.2 2.7
Adjusted free cash flow ................................................................ $ 3.1 $ 3.7 $ 4.3
Adjustments to free cash flow included: (1) pension contributions related to the previously announced annuitization of the U.S.
salaried pension plan in August 2014 and March 2013 of $0.1 billion; (2) accrued interest on the prepayment of the HCT notes of $0.2
billion in October 2013; and (3) voluntary contributions to the U.S. salaried pension plan for the purchase of annuity contracts of $2.3
billion and the premium paid to purchase our common stock from the United States Department of the Treasury of $0.4 billion in
December 2012.
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