v3.20.1
Debt
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt Debt

Automotive The following table presents debt in our automotive operations:


March 31, 2020
 
December 31, 2019
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Secured Debt
$
123

 
$
122

 
$
167

 
$
165

Unsecured Debt
29,884

 
28,689

 
13,909

 
15,247

Finance lease liabilities
304

 
566

 
310

 
516

Total automotive debt(a)
$
30,311

 
$
29,377

 
$
14,386

 
$
15,928

 
 
 
 
 
 
 
 
Fair value utilizing Level 1 inputs
 
 
$
10,572

 
 
 
$
13,628

Fair value utilizing Level 2 inputs
 
 
$
18,805

 
 
 
$
2,300

 
 
 
 
 
 
 
 
Available under credit facility agreements(b)
 
 
$
1,350

 
 
 
$
17,285

Weighted-average interest rate on outstanding short-term debt(c)
 
 
5.8
%
 
 
 
4.9
%
Weighted-average interest rate on outstanding long-term debt(c)
 
 
3.5
%
 
 
 
5.4
%

__________
(a)
Includes net discount and debt issuance costs of $483 million and $540 million at March 31, 2020 and December 31, 2019.
(b)
Includes amounts available from our three-year unsecured revolving credit facility with an initial borrowing capacity of $3.0 billion, which is currently planned to reduce to $2.0 billion in July 2020. Our 364-day, $2.0 billion facility is not included in the amount because it is designated for exclusive use by GM Financial.
(c)
Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

Unsecured debt primarily consists of revolving credit facilities and senior notes. In the three months ended March 31, 2020, we borrowed $3.4 billion against our three-year, $4.0 billion facility, $2.0 billion against our three-year, $3.0 billion facility and $10.5 billion against our five-year, $10.5 billion facility with maturity dates ranging from 2021 to 2023.

In April 2020, we renewed our 364-day, $2.0 billion facility dedicated for exclusive use by GM Financial for an additional 364-day term and extended $3.6 billion of the three-year, $4.0 billion facility for an additional year expiring in April 2022. The remaining portion will expire in April 2021, unless extended. As part of the extension of the three-year, $4.0 billion facility, we have agreed not to execute any share repurchases until we no longer have outstanding borrowings under the revolving credit facilities, except for the three-year, $3.0 billion facility. In addition, we are restricted from paying dividends on our common shares if outstanding borrowings under the revolving credit facilities exceed $5.0 billion, with the exception of the three-year, $3.0 billion facility.

GM Financial The following table presents debt of GM Financial:
 
March 31, 2020
 
December 31, 2019
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Secured debt
$
46,170


$
46,073


$
39,959


$
40,160

Unsecured debt
50,019


45,436


48,979


50,239

Total GM Financial debt
$
96,189


$
91,509


$
88,938


$
90,399

 
 
 
 
 
 
 
 
Fair value utilizing Level 2 inputs


$
89,892





$
88,481

Fair value utilizing Level 3 inputs


$
1,617





$
1,918



Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 10 for additional information on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt was 2.59% at March 31, 2020. The revolving credit facilities have maturity dates ranging from 2020 to 2026 and securitization notes payable have maturity dates ranging from 2020 to 2027. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the three months ended March 31, 2020, GM Financial had no new or renewed
credit facilities with additional borrowing capacity and issued $4.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.95% and maturity dates ranging from 2021 to 2027.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at March 31, 2020 have maturity dates ranging from 2020 through 2029 and have a weighted-average interest rate of 3.33%. In the three months ended March 31, 2020, GM Financial issued $2.1 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 2.09% and maturity dates ranging from 2024 to 2028.
  
Unsecured credit facilities and other unsecured debt have original maturities of up to four years. The weighted-average interest rate on these credit facilities and other unsecured debt was 4.47% at March 31, 2020.

Contractual Maturities The following table summarizes contractual maturities including finance leases at March 31, 2020:
 
Automotive
 
Automotive Financing
 
Total(a)
2020 (April 1, 2020 to December 31, 2020)
$
1,551

 
$
36,122

 
$
37,673

2021
1,273

 
23,383

 
24,656

2022(b)
5,129

 
12,839

 
17,968

2023
12,007

 
7,396

 
19,403

2024
62

 
5,866

 
5,928

2025
532

 
5,003

 
5,535

Thereafter
10,240

 
5,171

 
15,411

 
$
30,794

 
$
95,780

 
$
126,574

________
(a)
Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
(b)
Automotive amount includes $3.0 billion drawn on our three-year, $4.0 billion facility renewed in April 2020 for an additional year expiring in April 2022.