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Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| September 30, 2024 |  | December 31, 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 176 |  |  | $ | 175 |  | $ | 134 |  |  | $ | 132
Unsecured debt(a) | 15,916 |  |  | 15,862 |  | 15,842 |  |  | 15,911
Finance lease liabilities | 391 |  |  | 411 |  | 437 |  |  | 447
Total automotive debt(b) | $ | 16,484 |  |  | $ | 16,448 |  | $ | 16,413 |  |  | $ | 16,490
Fair value utilizing Level 1 inputs |  |  | $ | 15,530 |  |  |  | $ | 15,457
Fair value utilizing Level 2 inputs |  |  | $ | 918 |  |  |  | $ | 1,033
Available under credit facility agreements(c) |  |  | $ | 13,561 |  |  |  | $ | 16,446
Weighted-average interest rate on outstanding short-term debt(d) |  | 8.3 | % |  |  |  | 16.2 | %
Weighted-average interest rate on outstanding long-term debt(d) |  | 5.8 | % |  |  |  | 5.8 | %
__________ (a)Primarily consists of senior notes. (b)Includes net discount and debt issuance costs of $481 million and $527 million at September 30, 2024 and December 31, 2023. (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 March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term Secured Overnight Financing Rate (SOFR). In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss. GM Financial The following table presents debt of GM Financial:
| September 30, 2024 |  | December 31, 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 43,570 |  |  | $ | 43,830 |  |  | $ | 45,243 |  |  | $ | 44,971 |
Unsecured debt | 67,796 |  |  | 68,354 |  |  | 60,084 |  |  | 59,651 |
Total GM Financial debt | $ | 111,367 |  |  | $ | 112,183 |  |  | $ | 105,327 |  |  | $ | 104,622 |
Fair value utilizing Level 2 inputs |  |  | $ | 110,055 |  |  |  |  | $ | 102,262 |
Fair value utilizing Level 3 inputs |  |  | $ | 2,129 |  |  |  |  | $ | 2,360 |
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 nine months ended September 30, 2024, GM Financial renewed revolving credit facilities with total borrowing capacity of $24.2 billion and issued $18.0 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.5% and maturity dates ranging from 2024 to 2037. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2024, GM Financial issued $12.4 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.4% and maturity dates ranging from 2027 to 2034.

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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