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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2022
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, 2022 |  | December 31, 2021
Derivatives not designated as hedges(a) |  |  |  |  |
Foreign currency | 2 |  | $ | 4,072 |  |  | $ | 4,228 |
Commodity | 2 |  | 1,075 |  |  | 1,549 |
Stellantis warrants(b) | 2 |  | — |  |  | 45 |
Total derivative financial instruments |  |  | $ | 5,148 |  |  | $ | 5,822 |
__________ (a)The fair value of these derivative instruments at December 31, 2022 and 2021 and the gains/losses included in our consolidated income statements for the years ended December 31, 2022, 2021 and 2020 were insignificant, unless otherwise noted. (b)At December 31, 2021, we held 39.7 million warrants in Stellantis, which we exercised in September 2022. Upon exercise, the warrants converted into 69.1 million common shares of Stellantis, which we immediately sold back to Stellantis. Total net pre-tax proceeds, including dividends received, in connection with this transaction were approximately $1.1 billion. The fair value of these warrants, located in Other assets, was $1.4 billion at December 31, 2021. We recorded a loss in Interest income and other non-operating income of $363 million for the year ended December 31, 2022 and gains of $316 million and $139 million for the years ended December, 2021 and 2020. 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, 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 |  | $ | 19,950 |  |  | $ | — |  |  | $ | 821 |  |  | $ | 15,058 |  |  | $ | 74 |  |  | $ | 88 |
Foreign currency swaps |  | 2 |  | — |  |  | — |  |  | — |  |  | 682 |  |  | — |  |  | 59 |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 2 |  | 1,434 |  |  | 34 |  |  | 1 |  |  | 611 |  |  | 12 |  |  | 4 |
Foreign currency swaps(b) |  | 2 |  | 6,852 |  |  | — |  |  | 586 |  |  | 7,419 |  |  | 85 |  |  | 201 |
Derivatives not designated as hedges(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 2 |  | 113,975 |  |  | 2,268 |  |  | 1,984 |  |  | 110,053 |  |  | 846 |  |  | 339 |
Foreign currency contracts |  | 2 |  | — |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | — |
Total derivative financial instruments(c) |  |  |  | $ | 142,212 |  |  | $ | 2,302 |  |  | $ | 3,392 |  |  | $ | 133,971 |  |  | $ | 1,017 |  |  | $ | 691 |
__________ (a)The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2022, 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)The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include a $529 million loss recognized in Accumulated other comprehensive loss and a $578 million loss reclassified from Accumulated other comprehensive loss into income for the year ended December 31, 2022 and insignificant activity in the years ended December 31, 2021 and 2020. (c)GM Financial held $553 million and $376 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.5 billion and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2022 and 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 consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
| December 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 | $ | 3,048 |  |  | $ | 2 |  |  | $ | 1,338 |  |  | $ | (1) |
Long-term unsecured debt | 25,271 |  |  | 779 |  |  | 23,626 |  |  | (225) |
GM Financial unsecured debt | $ | 28,319 |  |  | $ | 781 |  |  | $ | 24,964 |  |  | $ | (226) |
__________ (a)Includes an insignificant amount and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at December 31, 2022 and 2021.

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- 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 https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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