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Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2023
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 LevelSeptember 30, 2023December 31, 2022
Derivatives not designated as hedges(a)
Foreign currency2$1,208 $4,072 
Commodity2688 1,075 
Total derivative financial instruments$1,895 $5,148 
__________
(a)The fair value of these derivative instruments at September 30, 2023 and December 31, 2022 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2023 and 2022 were insignificant, unless otherwise noted.
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 LevelSeptember 30, 2023December 31, 2022
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps2$21,820 $— $827 $19,950 $— $821 
Cash flow hedges
Interest rate swaps21,881 27 4 1,434 34 1 
Foreign currency swaps(b)27,674 20 547 6,852 — 586 
Derivatives not designated as hedges(a)
Interest rate contracts2117,215 2,248 2,299 113,975 2,268 1,984 
Total derivative financial instruments(c)$148,589 $2,295 $3,677 $142,212 $2,302 $3,392 
__________
(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, 2023 and 2022 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)The effect of foreign currency cash flow hedges recognized in Accumulated other comprehensive loss in the consolidated statements of comprehensive income includes losses of $154 million and $383 million for the three months ended September 30, 2023 and 2022, and losses of an insignificant amount and $832 million for the nine months ended September 30, 2023 and 2022. The effect of foreign currency cash flow hedges reclassified from Accumulated other comprehensive loss in the consolidated statements of comprehensive income into income includes losses of $226 million and $386 million for the three months ended September 30, 2023 and 2022 and losses of $129 million and $944 million for the nine months ended September 30, 2023 and 2022.
(c)GM Financial held $685 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions and posted $1.7 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2023 and December 31, 2022.

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, 2023December 31, 2022
Carrying Amount of Hedged ItemsCumulative Amount of Fair Value Hedging Adjustments(a)Carrying Amount of Hedged ItemsCumulative Amount of Fair Value Hedging Adjustments(a)
Short-term unsecured debt$2,758 $(8)$3,048 $2 
Long-term unsecured debt26,788 1,232 25,271 779 
GM Financial unsecured debt$29,545 $1,224 $28,319 $781 
__________
(a)Includes $615 million and an insignificant amount of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2023 and December 31, 2022.