13 unchanged sentences
At December 31, 2021, our most significant foreign currency exposures were between the U.S.
−Removed: Dollar and the Canadian Dollar, Korean Won, Euro, Chinese Yuan, Brazilian Real and Mexican Peso.
−Removed: Derivative instruments such as foreign currency forwards, swaps and options are primarily used to hedge
−Removed: GENERAL MOTORS COMPANY AND SUBSIDIARIES
−Removed: exposures with respect to forecasted revenues, costs and commitments denominated in foreign currencies.
+Added: Dollar and the Canadian Dollar, Chinese Yuan, Korean Won, Brazilian Real, Euro, and Mexican Peso.
+Added: Derivative instruments such as foreign currency forwards, swaps and options are primarily used to hedge exposures with respect to forecasted revenues, costs and commitments denominated in foreign currencies.
Such contracts had remaining maturities of up to 12 months at December 31, 2021.
1 unchanged sentence
These amounts are calculated utilizing a population of foreign currency exchange derivatives and foreign currency denominated debt and exclude the offsetting effect of foreign currency cash, cash equivalents and other assets.
−Removed: The potential loss in fair value for such financial instruments from a 10% adverse change in all quoted foreign currency exchange rates would have been $0.1 billion and $0.2 billion at December 31, 2020 and 2019.
+Added: The potential loss in fair value for such financial instruments from a 10% adverse change in all quoted foreign currency exchange rates would have been insignificant at December 31, 2021 and 2020.
We are exposed to foreign currency risk due to the translation and remeasurement of the results of certain international operations into U.S.
5 unchanged sentences
Years Ended December 31,
−Removed: Translation losses recorded in Accumulated other comprehensive loss $ 387 $ 32
+Added: Translation (gains) losses recorded in Accumulated other comprehensive loss $ (132) $ 387
Transaction and remeasurement (gains) losses recorded in earnings $ (15) $ 209
3 unchanged sentences
The potential increase in fair value resulting from a 10% decrease in quoted interest rates would have been $0.6 billion and $0.7 billion at December 31, 2021 and 2020.
+Added: GENERAL MOTORS COMPANY AND SUBSIDIARIES
We had marketable debt securities of $8.6 billion and $9.0 billion classified as available-for-sale at December 31, 2021 and 2020.
−Removed: The potential decrease in fair value from a 50 basis point increase in interest rates would have had an insignificant effect at December 31, 2020 and 2019.
−Removed: Equity Price Risk We are subject to equity price risk due to market price volatility primarily related to our investment in PSA warrants.
+Added: The potential decrease in fair value from a 50 basis point increase in interest rates would have been insignificant at December 31, 2021 and 2020.
+Added: Equity Price Risk We are subject to equity price risk due to market price volatility primarily related to our investment in Stellantis warrants and other insignificant investments.
The fair value of investments with exposure to equity price risk was $1.5 billion and $1.2 billion at December 31, 2021 and 2020.
−Removed: Our investment in PSA warrants is valued based on a Black-Scholes formula.
−Removed: We estimate that a 10% adverse change in quoted security prices in PSA Group would impact our investment by $0.1 billion at December 31, 2020 and 2019.
+Added: Our investment in Stellantis warrants is valued based on a Black-Scholes formula.
+Added: We estimate that a 10% adverse change in quoted security prices in Stellantis would have had an insignificant effect at December 31, 2021 and 2020.
Automotive Financing - GM Financial
8 unchanged sentences
However, interest rate changes are rarely instantaneous or parallel and rates could move more or less than the one percentage point assumed in our analysis.
−Removed: Therefore, the actual impact to net interest income could be higher or lower than the results detailed in
−Removed: GENERAL MOTORS COMPANY AND SUBSIDIARIES
−Removed: the table below.
+Added: Therefore, the actual impact to net interest income could be higher or lower than the results detailed in the table below.
These interest rate scenarios are purely hypothetical and do not represent our view of future interest rate movements.
−Removed: At December 31, 2020, GM Financial was asset-sensitive, meaning that more assets than liabilities were expected to re-price within the next twelve months.
−Removed: During a period of rising interest rates, the interest earned on assets would increase more than the interest paid on liabilities, which would initially increase net interest income.
−Removed: During a period of falling interest rates, net interest income would be expected to initially decrease.
At December 31, 2021, GM Financial was liability-sensitive, meaning that more liabilities than assets were expected to re-price within the next twelve months.
1 unchanged sentence
During a period of falling interest rates, net interest income would be expected to initially increase.
−Removed: GM Financial's net interest income sensitivity increased in 2020 as compared to 2019 primarily due to an increased proportion of rate sensitive asset exposure relative to rate sensitive liability exposure.
+Added: At December 31, 2020, GM Financial was asset-sensitive, meaning that more assets than liabilities were expected to re-price within the next twelve months.
+Added: During a period of rising interest rates, the interest earned on assets would increase more than the interest paid on liabilities, which would initially increase net interest income.
+Added: During a period of falling interest rates, net interest income would be expected to initially decrease.
+Added: GM Financial's net interest income sensitivity decreased in 2021 as compared to 2020 primarily due to an increased proportion of rate sensitive liabilities exposure relative to rate sensitive assets exposure.
GM Financial's hedging strategies approved by its global asset liability committee are used to manage interest rate risk within policy guidelines.
9 unchanged sentences
If interest rates or other factors change, actual prepayment experience could be different than projected.
+Added: GENERAL MOTORS COMPANY AND SUBSIDIARIES
Foreign Currency Exchange Rate Risk GM Financial is exposed to foreign currency risk due to the translation and remeasurement of the results of certain international operations into U.S.
5 unchanged sentences
GM Financial had foreign currency swaps with notional amounts of $8.2 billion and $7.6 billion at December 31, 2021 and 2020.
−Removed: The net fair value of these derivative financial instruments was an asset of $0.4 billion and an insignificant amount at December 31, 2020 and 2019.
+Added: The net fair value of these derivative financial instruments was a liability of $0.2 billion and an asset of $0.4 billion at December 31, 2021 and 2020.
The following table summarizes GM Financial's foreign currency translation and transaction and remeasurement (gains) losses:
Years Ended December 31,
−Removed: Translation (gains) losses recorded in Accumulated other comprehensive loss $ 82 $ (5)
+Added: Translation losses recorded in Accumulated other comprehensive loss $ 44 $ 82
Transaction and remeasurement gains, net recorded in earnings $ (3) $ (6)
24 unchanged sentences
Description of the matter As discussed in Note 12 to the financial statements, the liabilities for product warranty and recall campaigns amount to $9.8 billion at December 31, 2021.
−Removed: The Company accrues for costs related to product warranty at the time of vehicle sale and accrues the estimated cost of recall campaigns when they are probable and estimable, which is generally at the time of sale.
+Added: The Company accrues for costs related to product warranty at the time of vehicle sale and accrues the estimated cost of recall campaigns when they are probable and estimable.
Auditing these liabilities involved a high degree of subjectivity in evaluating management’s estimates, due to the size, uncertainties, and potential volatility related to the estimated liabilities.
61 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.