Derivative Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:

	Fair Value Level	March 31, 2023		December 31, 2022
Derivatives not designated as hedges(a)
Foreign currency	2	$	3,176	$	4,072
Commodity	2	901		1,075
Total derivative financial instruments		$	4,077	$	5,148

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(a)The fair value of these derivative instruments at March 31, 2023 and December 31, 2022 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2023 and 2022 were insignificant, unless otherwise noted.

GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:

	Fair Value Level	March 31, 2023						December 31, 2022
		Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps	2	$	16,559	$	8	$	334	$	19,950	$	—	$	821
Cash flow hedges
Interest rate swaps	2	1,637		33		3		1,434		34		1
Foreign currency swaps(b)	2	8,013		3		497		6,852		—		586
Derivatives not designated as hedges(a)
Interest rate contracts	2	114,353		1,924		2,073		113,975		2,268		1,984
Total derivative financial instruments(c)		$	140,562	$	1,968	$	2,907	$	142,212	$	2,302	$	3,392

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(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2023 and 2022 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.

(b)The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include an insignificant gain and an insignificant loss recognized in Accumulated other comprehensive loss, and an insignificant gain and a $149 million loss reclassified from Accumulated other comprehensive loss into income for the three months ended March 31, 2023 and 2022.

(c)GM Financial held $480 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.2 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2023 and December 31, 2022.

The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.

The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:

	March 31, 2023				December 31, 2022
	Carrying Amount of Hedged Items		Cumulative Amount of Fair Value Hedging Adjustments(a)		Carrying Amount of Hedged Items		Cumulative Amount of Fair Value Hedging Adjustments(a)
Short-term unsecured debt	$	3,712	$	(12)	$	3,048	$	2
Long-term unsecured debt	25,545		764		25,271		779
GM Financial unsecured debt	$	29,257	$	752	$	28,319	$	781

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(a)Includes $470 million of unamortized losses and an insignificant amount remaining on hedged items for which hedge accounting has been discontinued at March 31, 2023 and December 31, 2022.