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Debt | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| June 30, 2020 |  |  |  | December 31, 2019 |  |
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 274 |  |  | $ | 272 |  |  | $ | 167 |  |  | $ | 165 |
Unsecured debt | 34,308 |  |  | 36,093 |  |  | 13,909 |  |  | 15,247 |
Finance lease liabilities | 339 |  |  | 605 |  |  | 310 |  |  | 516 |
Total automotive debt(a) | $ | 34,921 |  |  | $ | 36,970 |  |  | $ | 14,386 |  |  | $ | 15,928 |
Fair value utilizing Level 1 inputs |  |  | $ | 17,660 |  |  |  |  | $ | 13,628 |
Fair value utilizing Level 2 inputs |  |  | $ | 19,310 |  |  |  |  | $ | 2,300 |
Available under credit facility agreements(b) |  |  | $ | 2,335 |  |  |  |  | $ | 17,285 |
Weighted-average interest rate on outstanding short-term debt(c) |  |  | 3.9 | % |  |  |  | 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 $514 million and $540 million at June 30, 2020 and December 31, 2019. (b)Excludes our 364-day, $2.0 billion facility 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 six months ended June 30, 2020, we borrowed: (1) $3.4 billion against our three-year, $4.0 billion facility; (2) $2.0 billion against our three-year, $3.0 billion facility, which reduced to $2.0 billion in May 2020 (three-year, $2.0 billion transformation facility); and (3) $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 designated 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, $2.0 billion transformation 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, $2.0 billion transformation facility. In May 2020, we issued $4.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 6.11% and maturity dates ranging from 2023 to 2027. The notes are governed by a sixth supplemental indenture and the same base indenture that governs our existing notes, which contains terms and covenants customary for these types of securities, including a limitation on the amount of certain secured debt we may incur. The net proceeds from the issuance of these senior unsecured notes provide additional financial flexibility and will be used for general corporate purposes. In May 2020, we also entered into a new unsecured 364-day, $2.0 billion revolving credit facility as an additional source of available liquidity. GM Financial The following table presents debt of GM Financial:
| June 30, 2020 |  |  |  | December 31, 2019 |  |
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 40,308 |  |  | $ | 40,673 |  |  | $ | 39,959 |  |  | $ | 40,160 |
Unsecured debt | 51,944 |  |  | 52,017 |  |  | 48,979 |  |  | 50,239 |
Total GM Financial debt | $ | 92,252 |  |  | $ | 92,690 |  |  | $ | 88,938 |  |  | $ | 90,399 |
Fair value utilizing Level 2 inputs |  |  | $ | 91,237 |  |  |  |  | $ | 88,481 |
Fair value utilizing Level 3 inputs |  |  | $ | 1,453 |  |  |  |  | $ | 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 2.42% at June 30, 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 six months ended June 30, 2020, GM Financial renewed revolving credit facilities with total borrowing capacity of $14.5 billion and issued $9.0 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.71% and maturity dates ranging from 2021 to 2027. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at June 30, 2020 have maturity dates ranging from 2020 through 2030 and have a weighted-average interest rate of 3.38%. In the six months ended June 30, 2020, GM Financial issued $5.9 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.41% and maturity dates ranging from 2023 to 2030. 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 3.15% at June 30, 2020. Contractual Maturities The following table summarizes contractual maturities including finance leases at June 30, 2020:
| Automotive |  | Automotive Financing |  | Total
2020 (July 1, 2020 to December 31, 2020) | $ | 1,489 |  |  | $ | 21,693 |  |  | $ | 23,182 |
2021 | 1,908 |  |  | 27,507 |  |  | 29,415 |
2022 | 5,160 |  |  | 14,878 |  |  | 20,038 |
2023 | 13,010 |  |  | 9,329 |  |  | 22,339 |
2024 | 75 |  |  | 6,170 |  |  | 6,245 |
2025 | 2,540 |  |  | 6,265 |  |  | 8,805 |
Thereafter | 11,253 |  |  | 5,941 |  |  | 17,194 |
| $ | 35,435 |  |  | $ | 91,783 |  |  | $ | 127,218 |

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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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