General Motors 2011 Annual Report Download - page 151
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Successor
Fair Value Measurements on a Recurring Basis
December 31, 2010
Level 1 Level 2 Level 3 Total
Assets
Interestrateswaps .......................................................... $— $— $23 $23
Interest rate caps ............................................................ — 8 — 8
Total ..................................................................... $— $ 8 $23 $31
Liabilities
Interestrateswaps .......................................................... $— $— $47 $47
Interest rate caps ............................................................ — 8 — 8
Foreign currency contracts .................................................... — 2 — 2
Total ..................................................................... $— $10 $47 $57
Fair Value Measurements on a Recurring Basis using Level 3 Inputs
The following table summarizes the activity for GM Financial’s derivative instruments classified in Level 3 (dollars in millions):
Successor
Interest Rate Swap Derivatives
Year Ended December 31, 2011
October 1, 2010
Through
December 31, 2010
Assets Liabilities Assets Liabilities
Balance at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23 $(47) $27 $(61)
Transfers in and/or out of Level 3 .......................................... — — — —
Total realized/unrealized gains (losses)
Includedinearnings................................................... (2) 1 1 (1)
Included in other comprehensive income (loss) ............................. — — — —
Settlements ............................................................ (19) 40 (5) 15
Balanceatendofperiod ................................................. $ 2 $ (6) $23 $(47)
Credit Risk Related Contingent Features
Under the terms of the derivative financial instruments, GM Financial is required to pledge certain funds to be held in restricted
cash accounts as collateral for the outstanding derivative transactions. At December 31, 2011 and 2010 these restricted cash accounts
totaled $36 million and $33 million and were recorded in GM Financial Restricted cash.
Old GM
Derivatives and Hedge Accounting
Derivatives Not Designated for Hedge Accounting
Old GM previously entered into a variety of foreign currency exchange, interest rate and commodity forward contracts and options
to maintain a desired level of exposure arising from market risks resulting from changes in foreign currency exchange rates, interest
rates and certain commodity prices.
General Motors Company 2011 Annual Report 149