v3.24.4
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$105 $105 $134 $132 
Unsecured debt(a)14,980 14,709 15,842 15,911 
Finance lease liabilities383 391 437 447 
Total automotive debt(b)$15,467 $15,204 $16,413 $16,490 
Fair value utilizing Level 1 inputs$14,366 $15,457 
Fair value utilizing Level 2 inputs$838 $1,033 
Available under credit facility agreements(c)$13,793 $16,446 
Weighted-average interest rate on outstanding short-term debt(d)7.3 %16.2 %
Weighted-average interest rate on outstanding long-term debt(d)5.8 %5.8 %
__________
(a)Primarily consist of senior notes.
(b)Includes net discount and debt issuance costs of $439 million and $527 million at December 31, 2024 and 2023.
(c)Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

In March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term SOFR.

In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss.

In December 2024, we exercised the make-whole provision on a portion of our $2.0 billion senior unsecured notes with a maturity date of October 2025, redeeming $750 million in aggregate principal amount. Upon settlement in December 2024, we recorded an insignificant early extinguishment of debt loss.
GM Financial The following table presents debt of GM Financial:
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$49,573 $49,753 $45,243 $44,971 
Unsecured debt64,691 65,258 60,084 59,651 
Total GM Financial debt$114,264 $115,010 $105,327 $104,622 
Fair value utilizing Level 2 inputs$112,941 $102,262 
Fair value utilizing Level 3 inputs$2,070 $2,360 

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 11 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 5.17% at December 31, 2024. The revolving credit facilities have maturity dates ranging from 2025 to 2028 and securitization notes payable have maturity dates ranging from 2025 to 2037. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the year ended December 31, 2024, GM Financial renewed revolving credit facilities with total borrowing capacity of $27.4 billion and issued $24.8 billion in aggregate principal
amount of securitization notes payable with an initial weighted-average interest rate of 5.30% and maturity dates ranging from 2024 to 2037.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2024 have maturity dates ranging from 2025 to 2034 and have a weighted-average interest rate of 4.20%. In the year ended December 31, 2024, GM Financial issued $12.5 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.39% and maturity dates ranging from 2027 to 2034.

Unsecured credit facilities and other unsecured debt have original maturities of up to five years. The weighted-average interest rate on these credit facilities and other unsecured debt was 7.15% at December 31, 2024.
Years Ended December 31,
202420232022
Automotive interest expense$846 $911 $987 
Automotive Financing - GM Financial interest expense6,030 4,685 2,881 
Total interest expense$6,876 $5,596 $3,868 

The following table summarizes contractual maturities including finance leases at December 31, 2024:
AutomotiveAutomotive FinancingTotal
2025$2,143 $37,388 $39,531 
202699 24,129 24,228 
20271,830 19,330 21,160 
2028833 11,567 12,400 
20291,051 10,140 11,191 
Thereafter9,998 13,249 23,247 
$15,955 $115,804 $131,758 

Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants including limitations on GM Financial's ability to incur certain liens. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December 31, 2024.