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


	Fair Value Level	December 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	$	18,379	$	75	$	238	$	19,950	$	—	$	821

Cash flow hedges
Interest rate swaps	2	2,381		17		16		1,434		34		1
Foreign currency swaps(b)	2	8,003		144		311		6,852		—		586
Derivatives not designated as hedges(a)
Interest rate contracts	2	134,683		1,573		1,997		113,975		2,268		1,984

Total derivative financial instruments(c)		$	163,446	$	1,809	$	2,563	$	142,212	$	2,302	$	3,392

(a)The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2023, 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)The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include gains of $139 million, losses of $529 million and losses of $352 million recognized in Accumulated other comprehensive loss and gains of $92 million, losses of $578 million and losses of $409 million reclassified from Accumulated other comprehensive loss into income for the years ended December 31, 2023, 2022 and 2021.

(c)GM Financial held $457 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 December 31, 2023 and 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 consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:


	December 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	$	3,508	$	(8)	$	3,048	$	2
Long-term unsecured debt	30,043		1,037		25,271		779
GM Financial unsecured debt	$	33,551	$	1,029	$	28,319	$	781

(a)Includes $872 million and an insignificant amount of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at December 31, 2023 and 2022.