General Motors 2012 Annual Report Download - page 117

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Nonconsolidated VIEs
Automotive
VIEs that are not consolidated include certain vehicle assembling, manufacturing and selling venture arrangements and other
automotive related entities to which we provided financial support, including HKJV prior to September 2012 and Ally Financial. We
concluded these entities are VIEs because they do not have sufficient equity at risk or may require additional subordinated financial
support. We currently lack the power through voting or similar rights to direct those activities of these entities that most significantly
affect their economic performance. Our variable interests in these nonconsolidated VIEs include accounts and notes receivable, equity
in net assets, guarantees and financial support, some of which were provided to certain current or previously divested suppliers in
order to ensure that supply needs for production were not disrupted due to a supplier’s liquidity concerns or possible shutdowns.
The following table summarizes the amounts recorded for nonconsolidated VIEs and the related off-balance sheet guarantees and
maximum exposure to loss, excluding Ally Financial that is disclosed in Note 27 (dollars in millions):
December 31, 2012 December 31, 2011
Carrying Amount
Maximum Exposure
to Loss Carrying Amount
Maximum Exposure
to Loss
Assets
Equity in net assets of nonconsolidated affiliates ........ $117 $113 $190 $186
Other assets ..................................... 12 12 2 2
Total assets ..................................... $129 $125 $192 $188
Liabilities
Other liabilities .................................. $ 45 $198
Off-Balance Sheet
Loan commitments ............................... $ 15 $ 15
Other liquidity arrangements (a) ..................... 17 220
Total guarantees and liquidity arrangements ............ $ 32 $235
(a) Amounts at December 31, 2011 represented additional contingent future capital funding requirements related primarily to HKJV.
Refer to Note 27 for additional information on Ally Financial, including our maximum exposure to loss under agreements with Ally
Financial and our recorded investment in Ally Financial. Refer to Notes 4 and 10 for additional information on our investment in
HKJV.
General Motors Company 2012 ANNUAL REPORT114