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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:
| Fair Value Level |  | September 30, 2018 |  | December 31, 2017
Derivatives not designated as hedges(a) |  |  |  |  |
Foreign currency | 2 |  | $ | 2,970 |  |  | $ | 4,022 |
Commodity | 2 |  | 636 |  |  | 606 |
PSA warrants(b) | 2 |  | 46 |  |  | 48 |
Total derivative financial instruments |  |  | $ | 3,652 |  |  | $ | 4,676 |
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(a) | The fair value of these derivative instruments at September 30, 2018 and December 31, 2017 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2018 and 2017 were insignificant, unless otherwise noted.
(b) | The fair value of the PSA warrants located in Other assets was $1.1 billion and $764 million at September 30, 2018 and December 31, 2017. We recorded gains in Interest income and other non-operating income, net of $171 million and an insignificant amount in the three months ended September 30, 2018 and 2017 and $324 million and an insignificant amount in the nine months ended September 30, 2018 and 2017.
We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA stock price and the estimated dividend yield. The estimated dividend yield is adjusted based on the terms of the Master Agreement with PSA Group dated March 5, 2017 (the Agreement). Refer to Exhibit 2.1 of our 2017 Form 10-K for additional details. Under the terms of the Agreement upon exercise of the warrants we are entitled to receive any dividends by PSA between the issuance date and the conversion date. GM Financial The following table presents the notional amounts of GM Financial's derivative financial instruments:
| Fair Value Level |  | September 30, 2018 |  | December 31, 2017
Derivatives designated as hedges(a) |  |  |  |  |
Fair value hedges – interest rate contracts(b)(c) | 2 |  | $ | 10,510 |  |  | $ | 11,110 |
Cash flow hedges |  |  |  |  |
Interest rate contracts | 2 |  | 905 |  |  | 2,177 |
Foreign currency | 2 |  | 2,108 |  |  | 1,574 |
Derivatives not designated as hedges(a) |  |  |  |  |
Interest rate contracts(c)(d) | 2 |  | 93,162 |  |  | 81,938 |
Foreign currency | 2 |  | 1,858 |  |  | 1,201 |
Total derivative financial instruments |  |  | $ | 108,543 |  |  | $ | 98,000 |
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(a) | The fair value of these derivative instruments at September 30, 2018 and December 31, 2017 and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017 were insignificant, unless otherwise noted.
(b) | The fair value of these derivative instruments located in Other liabilities was $510 million and $290 million at September 30, 2018 and December 31, 2017. The fair value of these derivative instruments located in Other assets was insignificant at September 30, 2018 and December 31, 2017.
(c) | Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.
(d) | The fair value of these derivative instruments located in Other assets was $551 million and $329 million at September 30, 2018 and December 31, 2017. The fair value of these derivative instruments located in Other liabilities was $670 million and $207 million at September 30, 2018 and December 31, 2017.
The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:
| September 30, 2018
| Carrying Amount of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments(a)
GM Financial long-term debt | $ | 15,363 |  |  | $ | 735 |
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(a) | Includes $178 million of adjustments remaining on hedged items for which hedge accounting has been discontinued.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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