General Motors 2010 Annual Report Download - page 247

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Successor
Fair Value Measurements on a Recurring Basis at
December 31, 2009
Level 1 Level 2 Level 3 Total
Assets
Cash equivalents (a)
United States government and agency ................................. $ — $ 580 $ — $ 580
Certificates of deposit .............................................. — 2,140 — 2,140
Money market funds ............................................... 7,487 — — 7,487
Commercial paper ................................................. — 969 — 969
Marketable securities
Trading securities
Equity ........................................................ 15 17 — 32
Debt .......................................................... — 92 — 92
Available–for–sale securities
United States government and agency ............................... — 2 — 2
Certificates of deposit ............................................ — 8 — 8
Restricted cash and marketable securities (a)
United States government and agency ................................. — 140 — 140
Money market funds ............................................... 13,083 — — 13,083
Sovereign debt .................................................... — 955 — 955
Other assets
Equity .......................................................... 13 — — 13
Derivatives
Commodity ...................................................... — 11 — 11
Foreign currency .................................................. — 90 33 123
Other ........................................................... — 25 — 25
Total assets ........................................................ $20,598 $5,029 $ 33 $25,660
Liabilities
Derivatives
Foreign currency .................................................. $ — $ 9 $705 $ 714
Total liabilities ..................................................... $ — $ 9 $705 $ 714
(a) Cash and time deposits recorded in Cash and cash equivalents and Restricted cash and marketable securities have been excluded.
Transfers In and/or Out of Level 3
At December 31, 2010 our non-performance risk remains unobservable through a liquid credit default swap market. In the three
months ended December 31, 2010 we determined that our non-performance risk no longer represents a significant input in the
determination of the fair value of our derivatives. The effect of our non-performance risk in the valuation has been reduced due to the
reduction in the remaining duration and magnitude of these net derivative liability positions. In October 2010 we transferred foreign
currency derivatives with a fair market value of $183 million out of Level 3 to Level 2.
In the period January 1, 2009 through July 9, 2009 Old GM’s mortgage- and asset-backed securities were transferred out of Level 3
to Level 2 as the significant inputs used to measure fair value and quoted prices for similar instruments were determined to be
observable in an active market.
General Motors Company 2010 Annual Report 245