General Motors 2014 Annual Report Download - page 99

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The terms of advances on revolving credit facilities and other unsecured debt have remaining maturities of up to five years. Interest
rates on credit facilities and other unsecured debt ranged from 0.98% to 13.35% at December 31, 2014.
Consolidated
Interest Expense
The following table summarizes interest expense (dollars in millions):
Years Ended December 31,
2014 2013 2012
Automotive ....................................................................... $ 403 $ 334 $ 489
Automotive Financing — GM Financial ................................................ 1,426 715 283
Total interest expense ............................................................... $ 1,829 $ 1,049 $ 772
Debt Maturities
The following table summarizes contractual maturities including capital leases at December 31, 2014 (dollars in millions):
Automotive
Automotive
Financing (a) Total
2015 ........................................................................ $ 503 $ 14,491 $ 14,994
2016 ........................................................................ 174 9,177 9,351
2017 ........................................................................ 511 7,255 7,766
2018 ........................................................................ 1,600 2,666 4,266
2019 ........................................................................ 109 1,860 1,969
Thereafter .................................................................... 7,194 2,000 9,194
$ 10,091 $ 37,449 $ 47,540
(a) Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
At December 31, 2014 future interest payments on automotive capital lease obligations were $488 million. GM Financial had no
capital lease obligations at December 31, 2014.
Compliance with Debt Covenants
Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational
covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Some of GM Financial’s
secured and unsecured debt agreements also contain various covenants, including maintaining minimum financial ratios, asset quality
and portfolio performance ratios as well as limits on deferment levels. Failure to meet certain of these requirements may result in a
covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare
amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under
these agreements or restrict our ability or GM Financial’s ability to obtain additional borrowings. No technical defaults or covenant
violations existed at December 31, 2014.
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