General Motors 2015 Annual Report Download - page 39

Table of Contents
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with this plan we announced that our Board of Directors had authorized a program to purchase up to $5 billion of our common stock before the end of 2016.
In January 2016 we announced that our Board of Directors had authorized the purchase of up to an additional $4 billion of our common stock (or an
aggregate total of $9 billion) before the end of 2017. Also, in January 2016 we announced an increase of our quarterly common stock dividend to $0.38 per
share effective in the first quarter of 2016. At February 1, 2016 we had purchased 102 million shares of our outstanding common stock for $3.5 billion.
By mid-2016 management intends to make discretionary contributions of approximately $2.0 billion to our U.S. hourly pension plan to improve its funded
status. The contributions are expected to be funded by debt.
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Available Liquidity
Total available liquidity includes cash, cash equivalents, marketable securities and funds available under credit facilities. The amount of available
liquidity is subject to intra-month and seasonal fluctuations and includes balances held by various business units and subsidiaries worldwide that are needed
to fund their operations.
We manage our liquidity primarily at our treasury centers as well as at certain of our significant consolidated overseas subsidiaries. Approximately 90% of
our available liquidity excluding funds available under credit facilities was held within North America and at our regional treasury centers at December 31,
2015. A portion of our available liquidity includes amounts deemed indefinitely reinvested in our foreign subsidiaries. We have used and will continue to
use other methods including intercompany loans to utilize these funds across our global operations as needed.
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. The majority 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 at December 31, 2015 and 2014 which consisted principally of our two primary
revolving credit facilities. We did not borrow against our primary facilities, but had amounts in use under the letter of credit sub-facility of $0.4 billion at
December 31, 2015. GM Financial had access to our revolving credit facilities, but did not borrow against them and we have no intercompany loans
outstanding to GM Financial. Refer to Note 12 to our consolidated financial statements for more information on credit facilities.
The following table summarizes our automotive available liquidity (dollars in billions):
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Cash and cash equivalents $ 12.1
$ 16.0
Marketable securities 8.2
9.2
Available liquidity 20.3
25.2
Available under credit facilities 12.2
12.0
Total automotive available liquidity $ 32.5
$ 37.2
The following table summarizes the changes in our automotive available liquidity (dollars in billions):
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