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Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| September 30, 2019 |  | December 31, 2018
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Automotive debt | $ | 14,993 |  |  | $ | 16,018 |  |  | $ | 13,435 |  |  | $ | 12,700 |
Finance lease liabilities | 345 |  |  | 571 |  |  | 528 |  |  | 831 |
Total automotive debt | $ | 15,338 |  |  | $ | 16,589 |  |  | $ | 13,963 |  |  | $ | 13,531 |
Fair value utilizing Level 1 inputs |  |  | $ | 13,335 |  |  |  |  | $ | 11,693 |
Fair value utilizing Level 2 inputs |  |  | $ | 3,254 |  |  |  |  | $ | 1,838 |
Finance lease assets in Property, net were $370 million at September 30, 2019. Finance lease costs were insignificant and $128 million in the three and nine months ended September 30, 2019. Finance lease right of use assets obtained in exchange for lease obligations were $140 million in the nine months ended September 30, 2019. Undiscounted future lease obligations related to finance leases are $108 million in the three months ending December 31, 2019, $196 million in aggregate for the years 2020 to 2023 and $372 million thereafter, with imputed interest of $331 million at September 30, 2019. The weighted-average discount rate on finance leases was 10.5% and the weighted-average remaining lease term was 12.0 years at September 30, 2019. In January 2019 we executed a new three-year committed unsecured revolving credit facility with an initial borrowing capacity of $3.0 billion, reducing to $2.0 billion in July 2020. The facility is being used to fund costs related to transformation activities announced in November 2018 and to provide additional financial flexibility. In the nine months ended September 30, 2019 we borrowed $700 million against this facility to support transformation-related disbursements. In April 2019 we renewed our 364- day $2.0 billion credit facility for an additional 364-day term. This facility has been allocated for exclusive use by GM Financial since April 2018. GM Financial The following table presents debt of GM Financial:
| September 30, 2019 |  | December 31, 2018
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 39,029 |  |  | $ | 39,265 |  |  | $ | 42,835 |  |  | $ | 42,835 |
Unsecured debt | 50,099 |  |  | 50,954 |  |  | 48,153 |  |  | 47,556 |
Total GM Financial debt | $ | 89,128 |  |  | $ | 90,219 |  |  | $ | 90,988 |  |  | $ | 90,391 |
Fair value utilizing Level 2 inputs |  |  | $ | 88,388 |  |  |  |  |  | $ | 88,305 |
Fair value utilizing Level 3 inputs |  |  | $ | 1,831 |  |  |  |  |  | $ | 2,086 |
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 8 for additional information on GM Financial's involvement with VIEs. In the nine months ended September 30, 2019, GM Financial entered into new or renewed credit facilities with a total net additional borrowing capacity of $225 million, which had substantially the same terms as existing debt, and GM Financial issued $14.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.83% and maturity dates ranging from 2022 to 2026. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2019, GM Financial issued $6.5 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.65% and maturity dates ranging from 2021 to 2029. The principal amount outstanding of GM Financial's commercial paper in the U.S. was $1.0 billion and $1.2 billion at September 30, 2019 and December 31, 2018. Each of the revolving credit facilities and the indentures governing GM Financial's notes contain terms and covenants, including limitations on GM Financial's ability to incur certain liens.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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