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Debt | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| March 31, 2021 |  | December 31, 2020
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 302 |  |  | $ | 321 |  |  | $ | 303 |  |  | $ | 332 |
Unsecured debt | 16,968 |  |  | 20,270 |  |  | 16,929 |  |  | 20,988 |
Finance lease liabilities | 282 |  |  | 299 |  |  | 237 |  |  | 256 |
Total automotive debt(a) | $ | 17,552 |  |  | $ | 20,890 |  |  | $ | 17,469 |  |  | $ | 21,576 |
Fair value utilizing Level 1 inputs |  |  | $ | 19,112 |  |  |  |  | $ | 19,826 |
Fair value utilizing Level 2 inputs |  |  | $ | 1,778 |  |  |  |  | $ | 1,750 |
Available under credit facility agreements(b) |  |  | $ | 18,210 |  |  |  |  | $ | 18,222 |
Weighted-average interest rate on outstanding short-term debt(c) |  |  | 3.9 | % |  |  |  | 3.8 | %
Weighted-average interest rate on outstanding long-term debt(c) |  |  | 5.6 | % |  |  |  | 5.6 | %
__________ (a)Includes net discount and debt issuance costs of $529 million and $540 million at March 31, 2021 and December 31, 2020. (b)Excludes our 364-day, $2.0 billion facility allocated 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 senior notes. In April 2021, we increased the total borrowing capacity of our five-year, $10.5 billion facility to $11.2 billion and extended the termination date for a $9.9 billion portion of the five-year facility by three years, now set to mature on April 18, 2026. The termination date of April 18, 2023 for the remaining portion of the five-year facility remains unchanged. We also renewed and increased the total borrowing capacity of our three-year, $4.0 billion facility to $4.3 billion, which now matures on April 7, 2024, and renewed our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial, which now matures on April 6, 2022. We also terminated our 364-day, $2.0 billion revolving credit facility, entered into in May 2020. Additionally, the prior restrictions on share repurchases and dividends on our common shares were removed upon entrance into the renewed three-year, $4.3 billion facility. GM Financial The following table presents debt of GM Financial:
| March 31, 2021 |  | December 31, 2020
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 39,965 |  |  | $ | 40,292 |  |  | $ | 39,982 |  |  | $ | 40,380 |
Unsecured debt | 53,730 |  |  | 55,621 |  |  | 52,443 |  |  | 54,568 |
Total GM Financial debt | $ | 93,695 |  |  | $ | 95,913 |  |  | $ | 92,425 |  |  | $ | 94,948 |
Fair value utilizing Level 2 inputs |  |  | $ | 94,210 |  |  |  |  | $ | 92,922 |
Fair value utilizing Level 3 inputs |  |  | $ | 1,703 |  |  |  |  | $ | 2,026 |
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 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2021, GM Financial renewed revolving credit facilities with total borrowing capacity of $6.0 billion and issued $8.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 0.82% and maturity dates ranging from 2022 to 2028. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2021, GM Financial issued $3.8 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 1.44% and maturity dates ranging from 2025 to 2031. In April 2021, GM Financial issued $2.3 billion in senior notes with a weighted average interest rate of 1.60% and maturity dates ranging from 2024 to 2028.

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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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