v3.24.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Automotive The following table presents the gross fair value amounts of derivative financial instruments and the associated notional amounts in our automotive operations:
Fair Value LevelDecember 31, 2024December 31, 2023
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps(b)2$4,405 $13 $61 $670 $38 $4 
Cash flow hedges(c)
Foreign exchange contracts26,555 190 124 809 6 12 
Commodity contracts22,323 24 103 528 17 17 
Total derivative financial instruments$13,283 $227 $288 $2,007 $60 $32 
__________
(a)The gains/losses included in our consolidated income statements and consolidated statements of comprehensive income for the years ended December 31, 2024, 2023 and 2022 were insignificant.
(b)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.
(c)The effect of cash flow hedges recognized in the consolidated statements of comprehensive income were insignificant for the years ended December 31, 2024, 2023 and 2022. The effect of cash flow hedges reclassified from Accumulated other comprehensive loss to the consolidated income statements were insignificant for the years ended December 31, 2024, 2023 and 2022. We expect to recognize insignificant revenues and costs of goods sold over the next 12 months related to amounts included in Accumulated other comprehensive loss.

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, 2024December 31, 2023
Carrying Amount of Hedged ItemsCumulative Amount of Fair Value Hedging AdjustmentsCarrying Amount of Hedged ItemsCumulative Amount of Fair Value Hedging Adjustments
Short-term unsecured debt$— $— $— $— 
Long-term unsecured debt4,405 48 670 (34)
Automotive unsecured debt$4,405 $48 $670 $(34)
The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
Fair Value LevelDecember 31, 2024December 31, 2023
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps(b)2$36,145 $32 $621 $18,379 $75 $238 
 Cash flow hedges
Interest rate swaps21,873 35 4 2,381 17 16 
Foreign currency swaps(c)28,363 80 508 8,003 144 311 
Derivatives not designated as hedges(a)
Interest rate contracts2123,346 833 1,294 134,683 1,573 1,997 
Total derivative financial instruments(d)$169,727 $981 $2,427 $163,446 $1,809 $2,563 
__________
(a)The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2024, 2023 and 2022 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 fair value hedges in the consolidated income statements include losses of $200 million, an insignificant loss and an insignificant gain for the years ended December 31, 2024, 2023 and 2022.
(c)The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include losses of $375 million, gains of $139 million and losses of $529 million recognized in Accumulated other comprehensive loss and losses of $422 million, gains of $92 million and losses of $578 million reclassified from Accumulated other comprehensive loss into income for the years ended December 31, 2024, 2023 and 2022.
(d)GM Financial held $190 million and $457 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2024 and 2023.

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, 2024December 31, 2023
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$6,406 $(6)$3,508 $(8)
Long-term unsecured debt30,258 1,287 30,043 1,037 
GM Financial unsecured debt$36,664 $1,281 $33,551 $1,029 
__________
(a)Includes $719 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at December 31, 2024 and 2023.