XML 28 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
June 30, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$147 $153 $192 $212 
Unsecured debt(a)16,335 16,017 16,277 19,995 
Finance lease liabilities302 303 349 362 
Total automotive debt(b)$16,783 $16,473 $16,818 $20,569 
Fair value utilizing Level 1 inputs$15,144 $19,085 
Fair value utilizing Level 2 inputs$1,329 $1,484 
Available under credit facility agreements(c)$15,111 $15,208 
Weighted-average interest rate on outstanding short-term debt(d)14.1 %9.8 %
Weighted-average interest rate on outstanding long-term debt(d)5.7 %5.8 %
__________
(a)Primarily consists of senior notes.
(b)Includes net discount and debt issuance costs of $511 million and $512 million at June 30, 2022 and December 31, 2021.
(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
In April 2022, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures on April 4, 2023.
GM Financial The following table presents debt of GM Financial:
June 30, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$38,095 $37,584 $39,338 $39,401 
Unsecured debt55,509 53,148 53,223 54,357 
Total GM Financial debt$93,603 $90,732 $92,561 $93,758 
Fair value utilizing Level 2 inputs$89,003 $92,250 
Fair value utilizing Level 3 inputs$1,729 $1,508 

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 9 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the six months ended June 30, 2022, GM Financial renewed revolving credit facilities with total borrowing capacity of $10.6 billion and issued $12.3 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.57% and maturity dates ranging from 2023 to 2029.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the six months ended June 30, 2022, GM Financial issued $7.6 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.35% and maturity dates ranging from 2024 to 2032.