General Motors 2011 Annual Report Download - page 147
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Credit Risk Related Contingent Features
Certain of our agreements with counterparties require that we provide cash collateral for net liability positions that we may have
with such counterparty. At December 31, 2011 no collateral was posted related to derivative instruments, and we did not have any
agreements with counterparties to derivative instruments containing covenants requiring the maintenance of certain credit rating levels
or credit risk ratios that would require the posting of collateral in the event that such covenants are violated.
Fair Value of Derivatives
The following tables summarize fair value measurements of our derivative instruments measured on a recurring basis (dollars in millions):
Successor
December 31, 2011
Derivative Assets Derivative Liabilities
Notional Current (a) Non-Current (b) Current (c) Non-Current (d)
Foreign currency ....................................... $ 6,507 $ 64 $ — $ 46 $—
Commodity ........................................... 2,566 9 — 10 5
Embedded ............................................ 1,461 28 124 1 5
Total ................................................ $10,534 $101 $124 $ 57 $10
Successor
December 31, 2010
Derivative Assets Derivative Liabilities
Notional Current (a) Non-Current (b) Current (c) Non-Current (d)
Foreign currency ....................................... $ 5,910 $ 80 $ — $113 $—
Commodity ........................................... 2,501 93 — — —
Embedded ............................................ 1,550 — — 2 7
Warrants ............................................. 11 — 44 — —
Total ................................................ $ 9,972 $173 $ 44 $115 $ 7
(a) Recorded in Other current assets and deferred income taxes.
(b) Recorded in Other assets.
(c) Recorded in Accrued liabilities.
(d) Recorded in Other liabilities and deferred income taxes.
Successor
December 31, 2011
Level 1 Level 2 Level 3 Total
Assets
Foreigncurrency ................................................................... $— $64 $ — $ 64
Commodity ....................................................................... — 9 — 9
Embedded ........................................................................ — 4 148 152
Total ............................................................................ $— $77 $148 $225
Liabilities
Foreigncurrency ................................................................... $— $46 $ — $ 46
Commodity ....................................................................... — 5 10 15
Embedded ........................................................................ — 6 — 6
Total ............................................................................ $— $57 $ 10 $ 67
General Motors Company 2011 Annual Report 145