General Motors 2011 Annual Report Download - page 35

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Non-Current Liabilities
Long-term debt increased by $0.6 billion (or 19.9%) due primarily to: (1) issuance of notes to the HCT of $1.1 billion; (2) net
increases to capital leases of $0.3 billion; and (3) amortization of debt discounts of $0.2 billion; partially offset by (4) reclassifications
of long-term debt to short-term debt for payments to be made in the next 12 months of $1.0 billion.
Postretirement benefits other than pensions liability decreased by $2.5 billion (or 26.4%) primarily in GMNA due to: (1) settlement
of the CAW retiree healthcare liability of $2.9 billion; (2) benefit payments of $0.6 billion; and (3) remeasurement of a U.S. hourly
legal service plan of $0.3 billion; partially offset by (4) actuarial losses primarily from discount rate decreases of $0.9 billion; and
(5) service and interest costs of $0.5 billion.
Pension liabilities increased by $3.2 billion (or 14.5%) due primarily to: (1) net actuarial losses of $10.0 billion; partially offset by
(2) gains from asset returns greater than expected of $3.3 billion related to U.S. plans; (3) contributions and benefits payments of $2.8
billion, including contributions of common stock to our U.S. hourly and salaried pension plans of $1.9 billion; (4) expected return on
assets in excess of service and interest costs of $0.5 billion; and (5) net foreign currency translation of $0.2 billion due to the
weakening of major currencies against the U.S. Dollar.
Automotive Financing
Total GM Financial Assets
Finance receivables, net increased by $1.0 billion (or 11.8%) due primarily to new loan originations of $5.1 billion partially offset
by principal collections, gross charge offs and the change in the carrying amount adjustment on pre-acquisition receivables of $4.0
billion.
Other assets increased by $1.1 billion (or 291.6%) due primarily to an increase in new leased vehicles of $0.7 billion and an
increase in cash and cash equivalents of $0.4 billion.
Total GM Financial Liabilities
Securitization notes payable increased by $0.8 billion (or 13.2%) due primarily to the issuance of new securitization notes payable
of $4.6 billion partially offset by a normal principal amortization of $3.7 billion.
Credit facilities increased by $0.3 billion (or 32.1%) due primarily to higher utilization of the credit facilities as a result of an
increase in loan and lease originations.
Other liabilities increased by $0.4 billion (or 96.2%) due primarily to the issuance of 6.75% senior notes of $0.5 billion in June
2011.
GM North America
(Dollars in Millions)
Successor
Combined GM
and Old GM Successor Predecessor
Year Ended
December 31,
2011
Year Ended
December 31,
2010
Year Ended
December 31,
2009
July 10, 2009
Through
December 31,
2009
January 1,
2009
Through
July 9, 2009
Year Ended
2011 vs. 2010
Change
Year Ended
2010 vs. 2009
Change
Amount % Amount %
Total net sales and
revenue ............. $90,233 $83,035 $56,617 $32,426 $ 24,191 $7,198 8.7% $26,418 46.7%
EBIT (loss)-adjusted ..... $ 7,194 $ 5,688 $ (2,065) $(11,092) $1,506 26.5%
General Motors Company 2011 Annual Report 33