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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per-share data and unless otherwise indicated)
The following table shows finance receivables and related secured debt as of December 31, 2006 and 2005.
Although the finance receivables are consolidated assets they are generally not available to satisfy our other
obligations:
December 31, 2006 December 31, 2005
(in millions) Facility Amount
Finance
Receivables, Net
Secured
Debt
Finance
Receivables, Net
Secured
Debt
Finance Receivables Encumbered by Loans:
GE secured loans:
GE Loans – U.S. .................... $5billion $ 941 $ 782 $1,888 $1,701
GE Loans – U.K. .................... £400million
(U.S. $785) 669 609 637 581
GE Loans – Canada ................. Cdn.$850 million
(U.S. $733) 115 88 258 174
Total GE encumbered finance
receivables, net ............... 1,725 1,479 2,783 2,456
Merrill Lynch Loan – France .............. €420 million
(U.S. $552) 501 419 430 342
DLL – Netherlands ...................... N/A 197 161 216 184
Total encumbered finance
receivables, net .............. 2,423 $2,059 3,429 $2,982
Unencumbered finance receivables,
net ......................... 5,421 4,420
Total Finance receivables, net(1) .......... $7,844 $7,849
(1) Includes (i) billed portion of finance receivables, net, (ii) finance receivables, net and (iii) finance receivables due
after one year, net as included in the Consolidated Balance Sheets as of December 31, 2006 and 2005.
Accounts Receivable Funding Arrangement: We
have a $400 revolving credit facility with GE expiring in
2007, secured by our U.S. accounts receivable. We had no
outstanding borrowings under this arrangement as of
December 31, 2006. Secured accounts receivables, net
and related debt associated with this arrangement as of
December 31, 2005 were $313 and $178, respectively.
In addition, during the fourth quarter of 2006, we sold
approximately $23 of accounts receivable without recourse.
Fees associated with these sales were less than $1.
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