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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  | December 31, 2019
Derivatives not designated as hedges(a) |  |  |  |  |
Foreign currency | 2 |  | $ | 2,830 |  |  | $ | 5,075 |
Commodity | 2 |  | 291 |  |  | 806 |
PSA warrants(b) | 2 |  | 47 |  |  | 45 |
Total derivative financial instruments |  |  | $ | 3,168 |  |  | $ | 5,926 |
__________ (a)The fair value of these derivative instruments at September 30, 2020 and December 31, 2019 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted. (b)The fair value of the warrants issued by Peugeot, S.A. (PSA Group) included in Other assets was $735 million and $964 million at September 30, 2020 and December 31, 2019. We recorded gains in Interest income and other non-operating income, net of $76 million and $51 million in the three months ended September 30, 2020 and 2019 and losses of $227 million and gains of $222 million in the nine months ended September 30, 2020 and 2019. We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA Group stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA Group through the conversion date upon exercise of the warrants. GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
| Fair Value Level |  | September 30, 2020 |  | December 31, 2019
|  |  | Notional |  | Fair Value of Assets |  | Fair Value of Liabilities |  | Notional |  | Fair Value of Assets |  | Fair Value of Liabilities
Derivatives designated as hedges(a) |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | 2 |  | $ | 10,050 |  |  | $ | 496 |  |  | $ | 2 |  |  | $ | 9,458 |  |  | $ | 234 |  |  | $ | 23 |
Foreign currency swaps | 2 |  | 1,876 |  |  | 77 |  |  | 39 |  |  | 1,796 |  |  | 22 |  |  | 71 |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | 2 |  | 914 |  |  | — |  |  | 28 |  |  | 590 |  |  | — |  |  | 6 |
Foreign currency swaps | 2 |  | 5,365 |  |  | 98 |  |  | 138 |  |  | 4,429 |  |  | 40 |  |  | 119 |
Derivatives not designated as hedges(a) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | 2 |  | 110,059 |  |  | 1,023 |  |  | 692 |  |  | 92,400 |  |  | 340 |  |  | 300 |
Total derivative financial instruments(b) |  |  | $ | 128,264 |  |  | $ | 1,694 |  |  | $ | 899 |  |  | $ | 108,673 |  |  | $ | 636 |  |  | $ | 519 |
__________ (a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted. 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. (b)GM Financial held $779 million and $210 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $195 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2020 and December 31, 2019. 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 sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
| September 30, 2020 |  | December 31, 2019
| Carrying Amount of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments(a) |  | Carrying Amount of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments(a)
GM Financial unsecured debt | $ | 24,275 |  |  | $ | (713) |  |  | $ | 20,397 |  |  | $ | (77) |
__________ (a)Includes $197 million of unamortized gains and an insignificant amount of amortization remaining on hedged items for which hedge accounting has been discontinued at September 30, 2020 and December 31, 2019.

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- References No definition available. + Details
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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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