Debt

3 Months Ended

Mar. 31, 2021

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		%

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(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.