Debt

3 Months Ended

Mar. 31, 2020

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

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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.

(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.