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Debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| December 31, 2019 |  | December 31, 2018
Secured debt | $ | 167 |  |  | $ | 143 |
Unsecured debt | 13,909 |  |  | 13,292 |
Finance lease liabilities | 310 |  |  | 528 |
Total automotive debt(a) | $ | 14,386 |  |  | $ | 13,963 |
Fair value utilizing Level 1 inputs | $ | 13,628 |  |  | $ | 11,693 |
Fair value utilizing Level 2 inputs | 2,300 |  |  | 1,838 |
Fair value of automotive debt | $ | 15,928 |  |  | $ | 13,531 |
Available under credit facility agreements | $ | 17,285 |  |  | $ | 14,167 |
Weighted-average interest rate on outstanding short-term debt(b) | 4.9 | % |  | 6.6 | %
Weighted-average interest rate on outstanding long-term debt(b) | 5.4 | % |  | 5.2 | %
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(a) | Includes net discount and debt issuance costs of $540 million and $499 million at December 31, 2019 and 2018.
(b) | Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
Finance lease assets in Property, net were $327 million at December 31, 2019. Finance lease costs were $170 million in the year ended December 31, 2019. Finance lease right of use assets obtained in exchange for lease obligations were $196 million in the year ended December 31, 2019. Undiscounted future lease obligations related to finance leases are $129 million for the year 2020, $156 million in aggregate for the years 2021 to 2024 and $354 million thereafter, with imputed interest of $329 million at December 31, 2019. The weighted-average discount rate on finance leases was 10.9% and the weighted-average remaining lease term was 13.7 years at December 31, 2019. Payments for finance leases included in Net cash provided by (used in) financing activities were $183 million at December 31, 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 provides additional financial flexibility and was used in 2019 to fund transformation activities announced in November 2018 for $700 million, which we repaid in full in 2019. 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:
| December 31, 2019 |  | December 31, 2018
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 39,959 |  |  | $ | 40,160 |  |  | $ | 42,835 |  |  | $ | 42,835 |
Unsecured debt | 48,979 |  |  | 50,239 |  |  | 48,153 |  |  | 47,556 |
Total GM Financial debt | $ | 88,938 |  |  | $ | 90,399 |  |  | $ | 90,988 |  |  | $ | 90,391 |
Fair value utilizing Level 2 inputs |  |  | $ | 88,481 |  |  |  |  | $ | 88,305 |
Fair value utilizing Level 3 inputs |  |  | $ | 1,918 |  |  |  |  | $ | 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 Securitized 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 2.95% at December 31, 2019. The revolving credit facilities have maturity dates ranging from 2020 to 2025 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 year ended December 31, 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 $16.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.75% and maturity dates ranging from 2022 to 2027. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2019 are due beginning in 2020 through 2029 and have a weighted-average interest rate of 3.42%. In the year ended December 31, 2019 GM Financial issued $6.9 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.63% and maturity dates ranging from 2021 to 2029. In January 2020 GM Financial issued $1.25 billion in senior notes with an interest rate of 2.90% due in 2025. 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. 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 4.73% at December 31, 2019.
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Automotive interest expense | $ | 782 |  |  | $ | 655 |  |  | $ | 575 |
Automotive Financing - GM Financial interest expense | 3,641 |  |  | 3,225 |  |  | 2,566 |
Total interest expense | $ | 4,423 |  |  | $ | 3,880 |  |  | $ | 3,141 |
The following table summarizes contractual maturities including finance leases at December 31, 2019:
| Automotive |  | Automotive Financing(a) |  | Total
2020 | $ | 1,912 |  |  | $ | 35,587 |  |  | $ | 37,499 |
2021 | 535 |  |  | 20,690 |  |  | 21,225 |
2022 | 70 |  |  | 11,763 |  |  | 11,833 |
2023 | 1,546 |  |  | 7,038 |  |  | 8,584 |
2024 | 48 |  |  | 5,795 |  |  | 5,843 |
Thereafter | 10,807 |  |  | 8,160 |  |  | 18,967 |
| $ | 14,918 |  |  | $ | 89,033 |  |  | $ | 103,951 |
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(a) | Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
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, 2019.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: 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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