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Debt (Notes) | 3 Months Ended
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Mar. 31, 2012
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table summarizes the carrying amount and fair value of debt (dollars in millions):
| March 31, 2012 |  | December 31, 2011
Carrying amount | $ | 5,385 |  |  | $ | 5,295 |
Fair value(a) | $ | 5,865 |  |  | $ | 5,467 |
__________
(a) | The fair value of debt included $4.7 billion measured utilizing Level 2 inputs and $1.2 billion measured utilizing Level 3 inputs at March 31, 2012. The fair value of debt included $4.4 billion measured utilizing Level 2 inputs and $1.1 billion measured utilizing Level 3 inputs at December 31, 2011
The Level 2 fair value measurements utilize a discounted cash flow model. The valuation is reviewed internally by personnel with appropriate expertise in valuation methodologies. This model utilizes observable inputs such as contractual repayment terms and benchmark forward yield curves plus a spread that is intended to represent our nonperformance risk for secured or unsecured obligations. We estimate our nonperformance risk using our corporate credit rating, the rating on our secured revolver, yields on traded bonds of companies with comparable credit ratings and risk profiles. We acquire the benchmark yield curves and nonperformance risk spread from independent sources that are widely used in the financial industry. In certain circumstances, we adjust the valuation of debt for additional nonperformance risk or potential prepayment probability scenarios. We may use a probability weighting of prepayment scenarios when the stated rate exceeds market rates and the instrument contains prepayment features. The prepayment scenarios are adjusted to reflect the views of market participants. The fair value measurements subject to additional adjustments for nonperformance risk or prepayment have been categorized within Level 3. In the three months ended March 31, 2012 we prepaid and retired a debt obligation of $39 million with a carrying value of $21 million. We recorded a loss on extinguishment of debt of $18 million which primarily represented the unamortized debt discount. Automotive Financing - GM Financial The following table summarizes the current and non-current portion of debt (dollars in millions):
| March 31, 2012 |  | December 31, 2011
Short-term debt and current portion of long-term debt | $ | 3,793 |  |  | $ | 4,118 |
Long-term debt | 5,046 |  |  | 4,420 |
Total GM Financial debt | $ | 8,839 |  |  | $ | 8,538 |
The following table summarizes the carrying amount and fair value of debt (dollars in millions):
|  |  | March 31, 2012 |  | December 31, 2011
| Level |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Credit facilities |  |  |  |  |  |  |  |  |
Medium-term note facility | 3 |  | $ | 254 |  |  | $ | 254 |  |  | $ | 294 |  |  | $ | 294 |
Syndicated warehouse facility | 2 |  | 277 |  |  | 277 |  |  | 621 |  |  | 621 |
Lease funding facilities | 2 |  | 248 |  |  | 248 |  |  | 181 |  |  | 181 |
Bank funding facility | 2 |  | — |  |  | — |  |  | 3 |  |  | 3 |
Total credit facilities |  |  | 779 |  |  | 779 |  |  | 1,099 |  |  | 1,099 |
Securitization notes payable |  |  |  |  |  |  |  |  |
Securitization notes payable | 1 |  | 6,820 |  |  | 6,884 |  |  | 6,938 |  |  | 6,946 |
Private securitization 2012-PP1 | 3 |  | 739 |  |  | 744 |  |  |  |  |  |  |
Total securitization notes payable |  |  | 7,559 |  |  | 7,628 |  |  | 6,938 |  |  | 6,946 |
Senior notes and convertible senior notes(a) | 2 |  | 501 |  |  | 531 |  |  | 501 |  |  | 511 |
Total GM Financial debt |  |  | $ | 8,839 |  |  | $ | 8,938 |  |  | $ | 8,538 |  |  | $ | 8,556 |
__________
(a) | Senior notes and convertible senior notes are included in GM Financial Long-term debt.
The carrying value of the syndicated warehouse facility and lease funding facilities is considered to be a reasonable estimate of fair value because these facilities have variable rates of interest and maturities of approximately one year. The fair value of bank funding facility and senior notes and convertible senior notes are based on quoted market prices, when available. If quoted prices are not available, the market value is estimated by discounting future net cash flows expected to be settled using a current risk-adjusted rate. GM Financial uses observable and unobservable inputs to estimate fair value of the medium-term note facility. Observable inputs are used regarding an advance rate on the receivables to generate an estimated debt amount as well as the interest rate used to calculate the series of estimated principal payments. Those series of interest payments are discounted using an unobservable interest rate based on the most recent securitization in order to estimate fair value which would approximate the replacement value. Securitization notes payable includes the 2012-PP1 Trust, for which GM Financial uses observable and unobservable inputs to estimate fair value. Unobservable inputs are related to the structuring of the debt into various classes, which is based on public securitizations issued during the same time frame. Observable inputs are used by obtaining active prices based on the securitization debt issued during the same time frame. These observable inputs are then used to create expected market prices (unobservable input), which are then applied to the debt classes in order to estimate fair value which would approximate market value. Credit Facilities The following table summarizes further details regarding terms and availability of GM Financial's credit facilities at March 31, 2012 (dollars in millions):
| Facility Amount |  | Advances Outstanding |  | Assets Pledged |  | Restricted Cash Pledged(a)
Syndicated warehouse facility | $ | 2,000 |  |  | $ | 277 |  |  | $ | 367 |  |  | $ | 7 |
U.S. lease warehouse facility(b) | $ | 600 |  |  | — |  |  | — |  |  | — |
Canada lease warehouse facility(c) | $ | 600 |  |  | 248 |  |  | 373 |  |  | 2 |
Medium-term note facility(d) |  |  | 254 |  |  | 276 |  |  | 84 |
|  |  | $ | 779 |  |  | $ | 1,016 |  |  | $ | 93 |
__________
(a) | These amounts do not include cash collected on finance receivables pledged of $29 million which is included in Restricted cash and marketable securities.
(b) | In January 2012 GM Financial extended the maturity date of the lease warehouse facility for lease originations in the U.S. to January 2013. Borrowings on the facility are collateralized by leased assets.
(c) | Borrowings on the facility are collateralized by leased assets. The facility amount represents CAD $600 million at March 31, 2012, and the advances outstanding amount represents CAD $248 million at March 31, 2012.
(d) | The revolving period under this facility has ended and the outstanding debt balance will be repaid over time based on the amortization of the receivables pledged until October 2016 when any remaining amount outstanding will be due and payable.
Securitization Notes Payable Securitization notes payable represents debt issued by GM Financial in securitization transactions. The following table summarizes securitization notes payable (dollars in millions):
|  | March 31, 2012 |  | December 31, 2011
Year of Transactions |  | Maturity Dates(a) |  |  | Original Note Amounts |  | Original Weighted- Average Interest Rates |  | Total Receivables Pledged |  | Note Balance |  | Note Balance
2006 |  | January 2014 |  | $ | 1,200 |  |  | 5.4% |  | $ | — |  |  | $ | — |  |  | $ | 63 |
2007 |  | April 2014 - March 2016 |  | $ | 1,000 - 1,500 |  |  | 5.3% - 5.5% |  | 402 |  |  | 379 |  |  | 794 |
2008 |  | October 2014 - April 2015 |  | $ | 500 - 750 |  |  | 6.0% - 10.5% |  | 416 |  |  | 146 |  |  | 171 |
2009 |  | January 2016 - July 2017 |  | $ | 227 - 725 |  |  | 2.7% - 7.5% |  | 354 |  |  | 258 |  |  | 298 |
2010 |  | June 2016 - April 2018 |  | $ | 200 - 850 |  |  | 2.2% - 3.8% |  | 1,790 |  |  | 1,575 |  |  | 1,756 |
2011 |  | February 2017 - March 2019 |  | $ | 800 - 1,000 |  |  | 2.4% - 2.9% |  | 3,723 |  |  | 3,458 |  |  | 3,813 |
2012 |  | June 2019 - July 2019 |  | $ | 800 - 1,000 |  |  | 2.5% - 2.9% |  | 1,771 |  |  | 1,711 |  |  |  |
|  |  |  |  |  |  |  |  | $ | 8,456 |  |  | 7,527 |  |  | 6,895 |
Purchase accounting premium |  | 32 |  |  | 43 |
Total securitization notes payable |  | $ | 7,559 |  |  | $ | 6,938 |
__________
(a) | Maturity dates represent final legal maturity of securitization notes payable. Securitization notes payable are expected to be paid based on amortization of the finance receivables pledged to the trusts.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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