Derivative Financial Instruments

Automotive The following table presents the notional amounts based on asset or liability positions of derivative financial instruments in our automotive operations:



	Fair Value Level	December 31, 2017		December 31, 2016
Derivatives designated as hedges(a)
Assets
Cash flow hedges
Foreign currency	2	$	—	$	803
Commodity	2	—		106
Total assets		$	—	$	909
Derivatives not designated as hedges(a)
Assets
Foreign currency	2/3	$	2,834	$	4,483
Commodity	2	606		1,061
PSA Warrants(b)	2	48		—
Total assets		$	3,488	$	5,544
Liabilities
Foreign currency	2/3	$	1,188	$	470
Commodity	2	—		181
Total liabilities		$	1,188	$	651

__________


(a)	The fair value of these derivative instruments at December 31, 2017 and 2016 and the gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2017, 2016 and 2015 were insignificant.


(b)	The fair value of the PSA warrants was $764 million at December 31, 2017.

GM Financial The following table presents the notional amounts based on asset or liability positions of GM Financial's derivative financial instruments:



	Fair Value Level	December 31, 2017		December 31, 2016
Derivatives designated as hedges(a)
Assets
Fair value hedges – interest rate swaps	2	$	1,250	$	—
Cash flow hedges
Interest rate swaps	2/3	2,177		3,070
Foreign currency	2	1,574		—
Total cash flow hedges		3,751		3,070
Total assets		$	5,001	$	3,070
Liabilities
Fair value hedges – interest rate swaps(b)	2	$	9,860	$	7,700
Cash flow hedges
Interest rate swaps	2/3	—		500
Foreign currency	2	—		791
Total cash flow hedges		—		1,291
Total liabilities		$	9,860	$	8,991
Derivatives not designated as hedges(a)
Assets
Interest rate swaps(c)	2/3	$	38,741	$	7,959
Interest rate caps and floors	2	16,840		9,698
Foreign currency	2	1,201		—
Total assets		$	56,782	$	17,657
Liabilities
Interest rate swaps	2/3	$	8,404	$	6,170
Interest rate caps and floors	2	17,953		12,146
Total liabilities		$	26,357	$	18,316

__________


(a)	The fair value of these derivative instruments at December 31, 2017 and 2016 and the gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2017, 2016 and 2015 were insignificant.


(b)	The fair value of these derivative instruments was $290 million and $276 million at December 31, 2017 and 2016.


(c)	The fair value of these derivative instruments was $260 million and insignificant at December 31, 2017 and 2016.