XML 42 R21.htm IDEA: XBRL DOCUMENT
v3.20.4

Derivative Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:
| Fair Value Level |  | December 31, 2020 |  | December 31, 2019
Derivatives not designated as hedges(a) |  |  |  |  |
Foreign currency | 2 |  | $ | 2,195 |  |  | $ | 5,075 |
Commodity | 2 |  | 341 |  |  | 806 |
PSA Warrants(b) | 2 |  | 49 |  |  | 45 |
Total derivative financial instruments |  |  | $ | 2,585 |  |  | $ | 5,926 |
__________ (a)The fair value of these derivative instruments at December 31, 2020 and 2019 and the gains/losses included in our consolidated income statements for the years ended December 31, 2020, 2019 and 2018 were insignificant, unless otherwise noted. (b)The fair value of the PSA warrants located in Other assets was $1.1 billion and $964 million at December 31, 2020 and 2019. We recorded gains in Interest income and other non-operating income, net of $139 million, $154 million and $116 million for the years ended December 31, 2020, 2019 and 2018. As a result of the merger of PSA Group and Fiat Chrysler Automobiles N.V. on January 16, 2021, our 39.7 million warrants in PSA Group will convert into 69.2 million common shares of Stellantis N.V. upon exercise. These warrants will continue to be governed by the same terms and conditions that were applicable prior to the merger. 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 |  | December 31, 2020 |  | December 31, 2019
|  |  |  | 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 |  | $ | 10,064 |  |  | $ | 463 |  |  | $ | 13 |  |  | $ | 9,458 |  |  | $ | 234 |  |  | $ | 23 |
Foreign currency swaps |  | 2 |  | 1,958 |  |  | 128 |  |  | 9 |  |  | 1,796 |  |  | 22 |  |  | 71 |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 2 |  | 921 |  |  | — |  |  | 27 |  |  | 590 |  |  | — |  |  | 6 |
Foreign currency swaps |  | 2 |  | 5,626 |  |  | 278 |  |  | 47 |  |  | 4,429 |  |  | 40 |  |  | 119 |
Derivatives not designated as hedges(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 2 |  | 110,997 |  |  | 954 |  |  | 576 |  |  | 92,400 |  |  | 340 |  |  | 300 |
Total derivative financial instruments(b) |  |  |  | $ | 129,566 |  |  | $ | 1,823 |  |  | $ | 672 |  |  | $ | 108,673 |  |  | $ | 636 |  |  | $ | 519 |
__________ (a)The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2020, 2019 and 2018 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 $728 million and $210 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 December 31, 2020 and 2019. 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, 2020 |  | December 31, 2019
| 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 | $ | 4,858 |  |  | $ | (69) |  |  | $ | 996 |  |  | $ | 4 |
Long-term unsecured debt | 18,457 |  |  | (670) |  |  | 19,401 |  |  | (81) |
GM Financial unsecured debt | $ | 23,315 |  |  | $ | (739) |  |  | $ | 20,397 |  |  | $ | (77) |
__________ (a)Includes $200 million of unamortized gains and an insignificant amount of amortization remaining on hedged items for which hedge accounting has been discontinued at December 31, 2020 and 2019.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration