Warrants outstanding (in shares)

[Table of Contents](#i1f1d4643819f4c4aa82d0bc4fb2f7f45_7)GENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)In April 2022, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures on April 4, 2023.  
GM Financial The following table presents debt of GM Financial:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2022 |  | December 31, 2021 |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
| Secured debt | $ | 38,095  |  |  | $ | 37,584  |  |  | $ | 39,338  |  |  | $ | 39,401  |  |
| Unsecured debt | 55,509  |  |  | 53,148  |  |  | 53,223  |  |  | 54,357  |  |
| Total GM Financial debt | $ | 93,603  |  |  | $ | 90,732  |  |  | $ | 92,561  |  |  | $ | 93,758  |  |
|  |  |  |  |  |  |  |  |
| Fair value utilizing Level 2 inputs |  |  | $ | 89,003  |  |  |  |  | $ | 92,250  |  |
| Fair value utilizing Level 3 inputs |  |  | $ | 1,729  |  |  |  |  | $ | 1,508  |  |

  
Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 9 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the six months ended June 30, 2022, GM Financial renewed revolving credit facilities with total borrowing capacity of $10.6 billion and issued $12.3 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.57% and maturity dates ranging from 2023 to 2029.  
Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the six months ended June 30, 2022, GM Financial issued $7.6 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.35% and maturity dates ranging from 2024 to 2032.  
Note 11. Derivative Financial Instruments  
Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value Level |  | June 30, 2022 |  | December 31, 2021 |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Derivatives not designated as hedges(a) |  |  |  |  |  |
| Foreign currency | 2 |  | $ | 4,948  |  |  | $ | 4,228  |  |
|  |  |  |  |  |  |
| Commodity | 2 |  | 1,245  |  |  | 1,549  |  |
| Stellantis warrants(b) | 2 |  | 42  |  |  | 45  |  |
| Total derivative financial instruments |  |  | $ | 6,235  |  |  | $ | 5,822  |  |

\_\_\_\_\_\_\_\_\_\_(a)The fair value of these derivative instruments at June 30, 2022 and December 31, 2021 and the gains/losses included in our condensed consolidated income statements for the three and six months ended June 30, 2022 and 2021 were insignificant, unless otherwise noted.(b)Our 39.7 million warrants in Stellantis N.V. (Stellantis) may be exercised at any time, in one or more tranches, from August 2022 through July 2026. Upon exercise, the warrants will convert into 69.2 million common shares of Stellantis. The fair value of these warrants, located in Other assets, was $1.0 billion and $1.4 billion at June 30, 2022 and December 31, 2021. We recorded a loss in Interest income and other non-operating income, net of $221 million and a gain of $154 million in the three months ended June 30, 2022 and 2021 and a loss of $419 million and a gain of $364 million in the six months ended June 30, 2022 and 2021.  
We estimate the fair value of the Stellantis warrants using a Black-Scholes formula. The significant inputs to the model include the Stellantis stock price and the estimated dividend yield. We are entitled to receive any dividends declared by Stellantis through the conversion date upon exercise of the warrants.   
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