General Motors 2014 Annual Report Download - page 54

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
Financing Activities
In the year ended December 31, 2014 net cash provided by financing activities increased due primarily to: (1) increased borrowings
under secured and unsecured debt of $5.6 billion; and (2) repayment of debt to Ally Financial of $1.4 billion in 2013, with no related
activity in 2014; partially offset by (3) increased debt repayment of $2.8 billion.
In the year ended December 31, 2013 net cash provided by financing activities increased due primarily to: (1) increased borrowings
under secured and unsecured debt of $14.0 billion; partially offset by (2) increased debt repayment of $9.7 billion; and (3) the
repayment of $1.4 billion in certain debt assumed as part of the acquisitions of the Ally Financial international operations.
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, 2014 and 2013.
Contractual Obligations and Other Long-Term Liabilities
We have 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 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, 2014 (dollars in millions):
Payments Due by Period
2015 2016-2017 2018-2019 2020 and after Total
Automotive debt .......................................... $ 323 $ 252 $ 1,599 $ 6,949 $ 9,123
Automotive Financing debt ................................. 14,491 16,432 4,526 2,000 37,449
Capital lease obligations .................................... 180 433 110 245 968
Automotive interest payments (a) ............................ 447 882 732 5,093 7,154
Automotive Financing interest payments (b) .................... 955 1,171 322 199 2,647
Postretirement benefits (c) .................................. 235 25 — — 260
Contractual commitments for capital expenditures ............... 252 — — — 252
Operating lease obligations ................................. 295 355 205 148 1,003
Other contractual commitments:
Material .............................................. 856 975 116 238 2,185
Marketing ............................................. 979 659 235 101 1,974
Rental car repurchases ................................... 6,008 — — — 6,008
Other ................................................. 536 563 365 901 2,365
Total contractual commitments (d) ........................... $ 25,557 $ 21,747 $ 8,210 $ 15,874 $ 71,388
Non-contractual postretirement benefits (e) ..................... $ 168 $ 752 $ 749 $ 10,827 $ 12,496
(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, 2014.
(b) GM Financial interest payments were determined using the interest rate in effect at December 31, 2014 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.
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