Marketable and Other Securities

6 Months Ended

Jun. 30, 2019

The following table summarizes the fair value of cash equivalents and marketable debt securities which approximates cost:



	Fair Value Level	June 30, 2019		December 31, 2018
Cash and cash equivalents
Cash and time deposits(a)		$	8,816	$	7,254
Available-for-sale debt securities
U.S. government and agencies	2	669		4,656
Corporate debt	2	4,169		3,791
Sovereign debt	2	885		1,976
Total available-for-sale debt securities – cash equivalents		5,723		10,423
Money market funds	1	2,533		3,167
Total cash and cash equivalents(b)		$	17,072	$	20,844
Marketable debt securities
U.S. government and agencies	2	$	1,999	$	1,230
Corporate debt	2	3,801		3,478
Mortgage and asset-backed	2	746		695
Sovereign debt	2	503		563
Total available-for-sale debt securities – marketable securities(c)		$	7,049	$	5,966
Restricted cash
Cash and cash equivalents		$	269	$	260
Money market funds	1	2,840		2,392
Total restricted cash		$	3,109	$	2,652

Available-for-sale debt securities included above with contractual maturities(d)
Due in one year or less		$	7,585
Due between one and five years		4,441
Total available-for-sale debt securities with contractual maturities		$	12,026

__________


(a)	Includes $499 million and $616 million that is designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at June 30, 2019 and December 31, 2018.


(b)	Includes $2.1 billion and $2.3 billion in GM Cruise at June 30, 2019 and December 31, 2018.


(c)	Includes $902 million in GM Cruise at June 30, 2019.


(d)	Excludes mortgage and asset-backed securities.

Proceeds from the sale of investments classified as available-for-sale and sold prior to maturity were $486 million and $1.0 billion in the three months ended June 30, 2019 and 2018 and $1.1 billion and $2.0 billion in the six months ended June 30, 2019 and 2018. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three and six months ended June 30, 2019 and 2018. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at June 30, 2019 and December 31, 2018.

Our investment in Lyft, Inc. (Lyft) is estimated at fair value using Level 3 inputs because the investment is subject to transfer restrictions. The fair value of our investment in Lyft at June 30, 2019 uses Lyft’s quoted market price, less a discount for the lack of marketability due to the restriction from selling our shares until September 26, 2019. The estimated volatility rate represents the significant unobservable input to the put option pricing model used to derive the fair value of our investment. The fair value of this investment was $1.1 billion included in Other current assets and $884 million included in Other assets at June 30, 2019 and December 31, 2018. We recorded an unrealized loss of $65 million and an unrealized gain of $220 million in Interest income and other non-operating income, net in the three and six months ended June 30, 2019 and an unrealized gain of $142 million in the three and six months ended June 30, 2018. Refer to Item 3. Quantitative and Qualitative Disclosures About Market Risk for exposure to equity price market risk.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:



	June 30, 2019
Cash and cash equivalents	$	17,072
Restricted cash included in Other current assets	2,541
Restricted cash included in Other assets	568
Total	$	20,181