
	Fair Value Level	March 31, 2022		December 31, 2021






Derivatives not designated as hedges(a)
Foreign currency	2	$	4,377	$	4,228

Commodity	2	1,668		1,549
Stellantis warrants(b)	2	44		45
Total derivative financial instruments		$	6,090	$	5,822

(a)The fair value of these derivative instruments at March 31, 2022 and December 31, 2021 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2022 and 2021 were insignificant, unless otherwise noted.

(b)Our 39.7 million warrants in Stellantis N.V. (Stellantis) may be exercised at any time, in one or more tranches, from August 2022 through July 2026. Upon exercise, the warrants will convert into 69.2 million common shares of Stellantis. The fair value of these warrants, located in Other assets, was $1.2 billion and $1.4 billion at March 31, 2022 and December 31, 2021. We recorded a loss in Interest income and other non-operating income, net of $197 million and a gain of $210 million in the three months ended March 31, 2022 and 2021.

We estimate the fair value of the Stellantis warrants using a Black-Scholes formula. The significant inputs to the model include the Stellantis stock price and the estimated dividend yield. We are entitled to receive any dividends declared by Stellantis through the conversion date upon exercise of the warrants.

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, 2022						December 31, 2021
		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	$	19,310	$	11	$	345	$	15,058	$	74	$	88
Foreign currency swaps	2	—		—		—		682		—		59
Cash flow hedges
Interest rate swaps	2	709		17		4		611		12		4
Foreign currency swaps	2	7,945		79		221		7,419		85		201
Derivatives not designated as hedges(a)
Interest rate contracts	2	108,709		1,245		797		110,053		846		339
Foreign currency contracts	2	—		—		—		148		—		—
Total derivative financial instruments(b)		$	136,674	$	1,353	$	1,368	$	133,971	$	1,017	$	691

(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2022 and 2021 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 $323 million and $376 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $432 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2022 and December 31, 2021.

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, 2022				December 31, 2021
	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	$	1,503	$	8	$	1,338	$	(1)
Long-term unsecured debt	24,654		146		23,626		(225)
GM Financial unsecured debt	$	26,157	$	153	$	24,964	$	(226)

(a)Includes $196 million and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at March 31, 2022 and December 31, 2021.