v3.21.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative [Line Items]  
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
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, 2021December 31, 2020
Carrying Amount of Hedged ItemsCumulative Amount of Fair Value Hedging Adjustments(a)Carrying Amount of Hedged ItemsCumulative Amount of Fair Value Hedging Adjustments(a)
Short-term unsecured debt$4,365 $(54)$4,858 $(69)
Long-term unsecured debt19,266 (257)18,457 (670)
GM Financial unsecured debt$23,631 $(311)$23,315 $(739)
__________
(a)Includes $201 million and $200 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at March 31, 2021 and December 31, 2020.
Automotive  
Derivative [Line Items]  
Schedule of Notional Amounts for Derivative Financial Instruments The following table presents the notional amounts of derivative financial instruments in our automotive operations:
Fair Value LevelMarch 31, 2021December 31, 2020
Derivatives not designated as hedges(a)
Foreign currency2$1,963 $2,195 
Commodity2631 341 
Stellantis warrants, formerly known as PSA warrants(b)247 49 
Total derivative financial instruments$2,641 $2,585 
__________
(a)The fair value of these derivative instruments at March 31, 2021 and December 31, 2020 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2021 and 2020 were insignificant, unless otherwise noted.
(b)As a result of the merger of Peugeot, S.A. (PSA Group) and Fiat Chrysler Automobiles N.V. on January 16, 2021, our 39.7 million warrants in Stellantis N.V. (Stellantis) will convert into 69.2 million common shares of Stellantis upon exercise. These warrants will continue to be governed by the same terms and conditions that were applicable prior to the merger. The fair value of these warrants, located in Other assets, was $1.3 billion and $1.1 billion at March 31, 2021 and December 31, 2020. We recorded a gain of $210 million and loss of $417 million in Interest income and other non-operating income, net in the three months ended March 31, 2021 and 2020.
GM Financial  
Derivative [Line Items]  
Schedule of Notional Amounts for Derivative Financial Instruments The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
Fair Value LevelMarch 31, 2021December 31, 2020
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps2$14,309 $251 $171 $10,064 $463 $13 
Foreign currency swaps21,881 81 37 1,958 128 9 
Cash flow hedges
Interest rate swaps2878 2 18 921 — 27 
Foreign currency swaps26,343 201 98 5,626 278 47 
Derivatives not designated as hedges(a)
Interest rate contracts2110,961 839 453 110,997 954 576 
Total derivative financial instruments(b)$134,372 $1,374 $777 $129,566 $1,823 $672 
__________
(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2021 and 2020 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)GM Financial held $450 million and $728 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2021 and December 31, 2020.