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Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| December 31, 2023 |  | December 31, 2022
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 134 |  |  | $ | 132 |  |  | $ | 124 |  |  | $ | 123 |
Unsecured debt(a) | 15,842 |  |  | 15,911 |  |  | 17,340 |  |  | 16,323 |
Finance lease liabilities | 437 |  |  | 447 |  |  | 381 |  |  | 381 |
Total automotive debt(b) | $ | 16,413 |  |  | $ | 16,490 |  |  | $ | 17,844 |  |  | $ | 16,828 |
Fair value utilizing Level 1 inputs |  |  | $ | 15,457 |  |  |  |  | $ | 15,971 |
Fair value utilizing Level 2 inputs |  |  | $ | 1,033 |  |  |  |  | $ | 857 |
Available under credit facility agreements(c) |  |  | $ | 16,446 |  |  |  |  | $ | 15,095 |
Weighted-average interest rate on outstanding short-term debt(d) |  | 16.2 | % |  |  |  | 6.1 | %
Weighted-average interest rate on outstanding long-term debt(d) |  | 5.8 | % |  |  |  | 5.8 | %
__________ (a)Primarily consist of senior notes. (b)Includes net discount and debt issuance costs of $527 million and $525 million at December 31, 2023 and 2022. (c)Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial. (d)Inc ludes coupon rates on debt denominated in various foreign currencies and interest free loans. In March 2023, we redeemed our $1.5 billion, 4.875% senior unsecured notes with a maturity date of October 2023 and recorded an insignificant loss. Also, in March 2023, we renewed and reduced the total borrowing capacity of our five-year, $11.2 billion facility to $10.0 billion, which now matures March 31, 2028. We also renewed and reduced the total borrowing capacity of our three-year, $4.3 billion facility to $4.1 billion, which now matures March 31, 2026, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 30, 2024. The renewed credit facilities are based on Term SOFR whereas the previous credit facilities were based on the London Interbank Offered Rate (LIBOR). In October 2023, we entered into a new 364-day unsecured revolving credit facility with a borrowing capacity of $6.0 billion, which we terminated on November 24, 2023. In November 2023, the Company entered an unsecured 364-day delayed draw term loan credit agreement that permits the Company to borrow up to $3.0 billion in the form of four term loans during an availability period that ends June 28, 2024. Amounts drawn and repaid may not be reborrowed and the final maturity date for any loans outstanding under the delayed draw credit agreement is November 27, 2024. GM Financial The following table presents debt of GM Financial:
| December 31, 2023 |  | December 31, 2022
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 45,243 |  |  | $ | 44,971 |  |  | $ | 42,131 |  |  | $ | 41,467 |
Unsecured debt | 60,084 |  |  | 59,651 |  |  | 54,723 |  |  | 52,270 |
Total GM Financial debt | $ | 105,327 |  |  | $ | 104,622 |  |  | $ | 96,854 |  |  | $ | 93,738 |
Fair value utilizing Level 2 inputs |  |  | $ | 102,262 |  |  |  |  | $ | 91,545 |
Fair value utilizing Level 3 inputs |  |  | $ | 2,360 |  |  |  |  | $ | 2,192 |
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 11 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 5.32% at December 31, 2023. The revolving credit facilities have maturity dates ranging from 2024 to 2029 and securitization notes payable have maturity dates ranging from 2024 to 2036. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the year ended December 31, 2023, GM Financial renewed revolving credit facilities with total borrowing capacity of $20.8 billion and issued $23.6 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.60% and maturity dates ranging from 2023 to 2036. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2023 have maturity dates ranging from 2024 to 2034 and have a weighted-average interest rate of 3.82%. In the year ended December 31, 2023, GM Financial issued $11.4 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.70% and maturity dates ranging from 2026 to 2034. Unsecured credit facilities and other unsecured debt have original maturities of up to five years. The weighted-average interest rate on these credit facilities and other unsecured debt was 7.82% at December 31, 2023.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Automotive interest expense | $ | 911 |  |  | $ | 987 |  |  | $ | 950 |
Automotive Financing - GM Financial interest expense | 4,685 |  |  | 2,881 |  |  | 2,546 |
Total interest expense | $ | 5,596 |  |  | $ | 3,868 |  |  | $ | 3,496 |
The following table summarizes contractual maturities including finance leases at December 31, 2023:
| Automotive |  | Automotive Financing |  | Total
2024 | $ | 428 |  |  | $ | 38,637 |  |  | $ | 39,065 |
2025 | 2,644 |  |  | 22,971 |  |  | 25,615 |
2026 | 93 |  |  | 15,049 |  |  | 15,142 |
2027 | 1,826 |  |  | 8,770 |  |  | 10,596 |
2028 | 831 |  |  | 7,164 |  |  | 7,995 |
Thereafter | 11,082 |  |  | 13,999 |  |  | 25,081 |
| $ | 16,905 |  |  | $ | 106,590 |  |  | $ | 123,494 |
Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants including limitations on GM Financial's ability to incur certain liens. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December 31, 2023.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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