v2.4.1.9
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Income Effect of Derivative Instruments [Table Text Block]
The gains/(losses), by hedge designation, recorded in income for the years ended December 31 were as follows (in millions):
 
2014
 
2013
 
2012
Automotive Sector
 
 
 
 
 
Cash flow hedges (a)
 
 
 
 
 
Reclassified from AOCI to income
$
78

 
$
(80
)
 
$
(377
)
Ineffectiveness
—

 
(3
)
 
1

Derivatives not designated as hedging instruments
 
 
 
 
 
Foreign currency exchange contracts
193

 
(26
)
 
(138
)
Commodity contracts
(47
)
 
(84
)
 
(65
)
Other – warrants
—

 
—

 
(4
)
Total
$
224

 
$
(193
)
 
$
(583
)
 
 
 
 
 
 
Financial Services Sector
 
 
 
 
 
Fair value hedges
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
Net interest settlements and accruals excluded from the assessment of hedge effectiveness
$
304

 
$
254

 
$
177

Ineffectiveness (b)
20

 
(44
)
 
16

Derivatives not designated as hedging instruments
 
 
 
 
 
Interest rate contracts
(41
)
 
(33
)
 
(14
)
Foreign currency exchange contracts
68

 
21

 
(70
)
Cross-currency interest rate swap contracts
161

 
(88
)
 
(150
)
Other
—

 
—

 
(81
)
Total
$
512

 
$
110

 
$
(122
)
__________
(a)
For 2014, 2013, and 2012, a $271 million loss, a $317 million gain, and a $371 million loss, respectively, were recorded in OCI.
(b)
For 2014, 2013, and 2012, hedge ineffectiveness reflects the net change in fair value on derivatives of $407 million gain, $658 million loss, and $228 million gain, respectively, and change in value on hedged debt attributable to the change in benchmark interest rate of $387 million loss, $614 million gain, and $212 million loss, respectively.
Balance Sheet Effect of Derivative Instruments [Table Text Block]
he notional amount and estimated fair value of our derivative financial instruments at December 31 was as follows(in millions):
 
2014
 
2013
 
Notional
 
Fair Value of
Assets
 
Fair Value of
Liabilities
 
Notional
 
Fair Value of
Assets
 
Fair Value of
Liabilities
Automotive Sector
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
Foreign currency exchange and commodity contracts
$
15,434

 
$
359

 
$
517

 
$
16,238

 
$
413

 
$
189

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Foreign currency exchange contracts
12,198

 
157

 
129

 
11,599

 
144

 
210

Commodity contracts
693

 
1

 
67

 
3,006

 
23

 
19

Total derivative financial instruments, gross
$
28,325

 
517

 
713

 
$
30,843

 
580

 
418

Counterparty netting and collateral (a)
 
 
(463
)
 
(463
)
 
 
 
(359
)
 
(359
)
Total derivative financial instruments, net
 
$
54

 
$
250

 


 
$
221

 
$
59

 
 
 
 
 
 
 
 
 
 
 
 
Financial Services Sector
 

 
 

 
 

 
 
 
 
 
 
Fair value hedges
 

 
 

 
 

 
 
 
 
 
 
Interest rate contracts
$
23,203

 
$
602

 
$
38

 
$
18,778

 
$
360

 
$
179

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
56,558

 
168

 
89

 
69,863

 
224

 
126

Foreign currency exchange contracts
1,527

 
18

 
1

 
2,410

 
1

 
25

Cross-currency interest rate swap contracts
2,425

 
71

 
39

 
2,620

 
—

 
176

Total derivative financial instruments, gross
$
83,713

 
859

 
167

 
$
93,671

 
585

 
506

Counterparty netting and collateral (a)
 
 
(136
)
 
(136
)
 
 
 
(296
)
 
(296
)
Total derivative financial instruments, net
 
$
723

 
$
31

 


 
$
289

 
$
210

__________
(a)
At December 31, 2014 and 2013, we did not receive or pledge any cash collateral.