v3.22.4
Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
December 31, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$124 $123 $192 $212 
Unsecured debt(a)17,340 16,323 16,277 19,995 
Finance lease liabilities381 381 349 362 
Total automotive debt(b)$17,844 $16,828 $16,818 $20,569 
Fair value utilizing Level 1 inputs$15,971 $19,085 
Fair value utilizing Level 2 inputs$857 $1,484 
Available under credit facility agreements(c)$15,095 $15,208 
Weighted-average interest rate on outstanding short-term debt(d)6.1 %9.8 %
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 $525 million and $512 million at December 31, 2022 and 2021.
(c)Excludes our 364-day, $2.0 billion facility designated 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.

In August 2022, we issued $2.25 billion in aggregate principal amount of senior unsecured notes under our new Sustainable Finance Framework with a weighted-average interest rate of 5.51% and maturity dates in 2029 and 2032. We intend to allocate an amount equal to the net proceeds from these senior unsecured notes to finance or refinance, in whole or in part, new or existing green projects, assets or activities undertaken or owned by the Company that meet one or more eligibility criteria outlined in our Sustainable Finance Framework.

In December 2022, we early redeemed our $1.0 billion 5.40% senior unsecured notes with a maturity date of October 2023 and recorded an insignificant loss. Additionally, in the year ended December 31, 2022, we paid, prior to maturity, $529 million of unsecured term loans in GMI.

In January 2023, we gave notice to early redeem our $1.5 billion 4.875% senior unsecured notes with a maturity date of October 2023. The settlement of the early redemption of these senior unsecured notes is expected to occur during the first quarter of 2023 and is expected to have an immaterial impact on our 2023 results.
GM Financial The following table presents debt of GM Financial:
December 31, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$42,131 $41,467 $39,338 $39,401 
Unsecured debt54,723 52,270 53,223 54,357 
Total GM Financial debt$96,854 $93,738 $92,561 $93,758 
Fair value utilizing Level 2 inputs$91,545 $92,250 
Fair value utilizing Level 3 inputs$2,192 $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 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 1.70% at December 31, 2022. The revolving credit facilities have maturity dates ranging from 2023 to 2028 and securitization notes payable have maturity dates ranging from 2023 to 2035. 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, 2022, GM Financial renewed revolving credit facilities with total borrowing capacity of $26.3 billion and issued $24.3 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 3.40% and maturity dates ranging from 2023 to 2035.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2022 have maturity dates ranging from 2023 to 2032 and have a weighted-average interest rate of 3.20%. In the year ended December 31, 2022, GM Financial issued $9.0 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 3.78% and maturity dates ranging from 2024 to 2032.

In 2021, GM Financial redeemed $1.5 billion in aggregate principal amount of 5.20% senior notes due in 2023. The redemption resulted in a $105 million loss on the early extinguishment of debt. The loss is included in GM Financial interest, operating and other expenses.

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 6.97% at December 31, 2022.
Years Ended December 31,
202220212020
Automotive interest expense$987 $950 $1,098 
Automotive Financing - GM Financial interest expense2,881 2,546 3,023 
Total interest expense$3,868 $3,496 $4,121 

The following table summarizes contractual maturities including finance leases at December 31, 2022:
AutomotiveAutomotive FinancingTotal
2023$1,961 $36,912 $38,873 
2024118 21,144 21,262 
20252,597 15,340 17,937 
202661 7,817 7,878 
20271,805 6,505 8,310 
Thereafter11,827 10,130 21,957 
$18,369 $97,847 $116,217 
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, 2022.