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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 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 |  | December 31, 2018 |  | December 31, 2017
Derivatives not designated as hedges(a) |  |  |  |  |
Foreign currency | 2 |  | $ | 2,710 |  |  | $ | 4,022 |
Commodity | 2 |  | 658 |  |  | 606 |
PSA Warrants(b) | 2 |  | 45 |  |  | 48 |
Total derivative financial instruments |  |  | $ | 3,413 |  |  | $ | 4,676 |
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(a) | The fair value of these derivative instruments at December 31, 2018 and 2017 and the gains/losses included in our consolidated income statements for the years ended December 31, 2018, 2017 and 2016 were insignificant, unless otherwise noted.
(b) | The fair value of the PSA warrants located in Other assets was $827 million and $764 million at December 31, 2018 and 2017. We recorded insignificant amounts in Interest income and other non-operating income, net for the years ended December 31, 2018 and 2017.
GM Financial The following table presents the notional amounts of GM Financial's derivative financial instruments:
| Fair Value Level |  | December 31, 2018 |  | December 31, 2017
Derivatives designated as hedges(a)(b) |  |  |  |  |
Fair value hedges – interest rate swaps(c) | 2 |  | $ | 9,533 |  |  | $ | 11,110 |
Fair value hedges – foreign currency swaps(c) | 2 |  | 1,829 |  |  | — |
Cash flow hedges |  |  |  |  |  |  |
Interest rate swaps | 2 |  | 768 |  |  | 2,177 |
Foreign currency swaps | 2 |  | 2,075 |  |  | 1,574 |
Derivatives not designated as hedges(a)(b) |  |  |  |  |
Interest rate contracts(d) | 2 |  | 99,666 |  |  | 81,938 |
Foreign currency swaps | 2 |  | — |  |  | 1,201 |
Total derivative financial instruments(e) |  |  | $ | 113,871 |  |  | $ | 98,000 |
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(a) | The fair value of these derivative instruments at December 31, 2018 and 2017 and the gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2018, 2017 and 2016 were insignificant, unless otherwise noted.
(b) | 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.
(c) | The fair value of these derivative instruments located in Other liabilities was $291 million and $290 million at December 31, 2018 and 2017. The fair value of these derivative instruments located in Other assets were insignificant at December 31, 2018 and 2017.
(d) | The fair value of these derivative instruments located in Other assets was $372 million and $329 million at December 31, 2018 and 2017. The fair value of these derivative instruments located in Other liabilities was $520 million and $207 million at December 31, 2018 and 2017.
(e) | We held insignificant amounts and posted $451 million and $299 million of collateral available for netting at December 31, 2018 and 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 consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:
| December 31, 2018
| Carrying Amount of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments(a)
GM Financial long-term debt | $ | 17,923 |  |  | $ | 459 |
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(a) | Includes $247 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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