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Table of Contents


of $0 because of a lack of economic support associated with GM India's declining operations. These charges were recorded primarily in Automotive cost of
sales.
We recorded impairment charges of $264 million in GMIO in the year ended December 31, 2013 to adjust the carrying amounts of Intangible assets, net,
primarily dealer network intangibles related to the Chevrolet network in Europe, to fair value of $0 because we are winding down the dealer network in 2014
and we expect to incur losses during the wind-down period. These charges were recorded in Automotive cost of sales. Refer to Note 17 for additional
information on the withdrawal of the Chevrolet brand from Europe.

GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse
facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing
related assets transferred by GM Financial to the VIEs (Securitized Assets). GM Financial holds variable interests in the VIEs that could potentially be
significant to the VIEs. GM Financial determined that it is the primary beneficiary of the SPEs because: (1) the servicing responsibilities for the Securitized
Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs; and (2) the variable interests in the
VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs
serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or
its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the
servicer. GM Financial is not required and does not currently intend to provide additional financial support to these SPEs. While these subsidiaries are
included in GM Financial's consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available
to GM Financial's creditors.
The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs (dollars in millions):


Restricted cash – current $ 1,345
$ 1,110
Restricted cash – non-current $ 531
$ 611
GM Financial receivables, net – current $ 12,224
$ 11,134
GM Financial receivables, net – non-current $ 12,597
$ 11,583
GM Financial equipment on operating leases, net $ 11,684
$ 4,595
GM Financial short-term debt and current portion of long-term debt $ 13,545
$ 10,502
GM Financial long-term debt $ 15,841
$ 12,292
GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a
securitization transaction, and records a provision for loan losses to recognize probable loan losses inherent in the Securitized Assets.

The following table summarizes the components of Accrued liabilities and Other liabilities (dollars in millions):
72