Derivative Financial Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



	Fair Value Level	December 31, 2019		December 31, 2018
Derivatives not designated as hedges(a)
Foreign currency	2	$	5,075	$	2,710
Commodity	2	806		658
PSA Warrants(b)	2	45		45
Total derivative financial instruments		$	5,926	$	3,413

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(a)	The fair value of these derivative instruments at December 31, 2019 and 2018 and the gains/losses included in our consolidated income statements for the years ended December 31, 2019, 2018 and 2017 were insignificant, unless otherwise noted.


(b)	The fair value of the PSA warrants located in Other assets was $964 million and $827 million at December 31, 2019 and 2018. We recorded gains in Interest income and other non-operating income, net of $154 million and $116 million for the years ended December 31, 2019 and 2018, and an insignificant amount for the year ended December 31, 2017.

GM Financial The following table presents the notional amounts of GM Financial's derivative financial instruments:



	Fair Value Level	December 31, 2019						December 31, 2018
		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(b)	2	$	9,458	$	234	$	23	$	9,533	$	42	$	231
Foreign currency swaps	2	1,796		22		71		1,829		37		60
Cash flow hedges
Interest rate swaps	2	590		—		6		768		8		—
Foreign currency swaps	2	4,429		40		119		2,075		43		58
Derivatives not designated as hedges(a)
Interest rate contracts	2	92,400		340		300		99,666		372		520
Total derivative financial instruments(c)		$	108,673	$	636	$	519	$	113,871	$	502	$	869

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(a)	The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2019, 2018 and 2017 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 gains included in GM Financial interest, operating, and other expenses were $355 million and an insignificant amount for the years ended December 31, 2019 and 2018.


(c)	GM Financial held $210 million and an insignificant amount of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2019 and 2018.

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 consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:



	December 31, 2019					December 31, 2018
	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)
GM Financial long-term debt(b)	$	20,397	$	(77	)	$	17,923	$	459

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(a)	Includes an insignificant amount and $247 million of amortization remaining on hedged items for which hedge accounting has been discontinued at December 31, 2019 and 2018.

(b)

The gains/losses for hedged items – interest rate swaps included in GM Financial interest, operating, and other expenses were a loss of $569 million and an insignificant amount for the years ended December 31, 2019 and 2018.