Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

	December 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	3,497	$	3,495	$	3,733	$	3,735
Securitization notes payable	35,841		35,906		36,249		36,645
Total secured debt	39,338		39,401		39,982		40,380
Unsecured debt
Senior notes	45,386		46,539		46,798		48,922
Credit facilities	1,229		1,211		1,535		1,531
Other unsecured debt	6,608		6,607		4,110		4,115
Total unsecured debt	53,223		54,357		52,443		54,568
Total secured and unsecured debt	$	92,561	$	93,758	$	92,425	$	94,948
Fair value utilizing Level 2 inputs			$	92,250			$	92,922
Fair value utilizing Level 3 inputs			$	1,508			$	2,026

Secured Debt 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 for further information.

The weighted average interest rate on secured debt was 1.27% at December 31, 2021. Issuance costs on the secured debt of $82 million as of December 31, 2021 and $85 million as of December 31, 2020 are amortized to interest expense over the expected term of the secured debt.

The terms of our revolving credit facilities provide for a revolving period and subsequent amortization period, and borrowings are expected to be repaid over periods ranging up to six years. During 2021, we renewed credit facilities with a total borrowing capacity of $25.8 billion.

Securitization notes payable at December 31, 2021 are due beginning in 2022 and lasting through 2034. During 2021, we issued $23.3 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 0.79% and maturity dates ranging from 2022 to 2034.

Unsecured Debt

Senior Notes At December 31, 2021, we had $45.3 billion aggregate outstanding in senior notes that mature from 2022 through 2031 and have a weighted average interest rate of 2.77%. Issuance costs on senior notes of $114 million as of December 31, 2021 and $106 million as of December 31, 2020 are amortized to interest expense over the term of the notes.

During 2021, we issued $12.2 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 1.62% and maturity dates ranging from 2024 through 2031.

During 2021, we 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 interest expense.

In January 2022, we issued $2.6 billion in senior notes with a weighted average interest rate of 2.57% and maturity dates ranging from 2027 through 2032.

General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.

Credit Facilities and Other Unsecured Debt We use unsecured credit facilities with banks as well as non-bank instruments as funding sources. Our credit facilities and other unsecured debt have maturities of up to four years. The weighted average interest rate on these credit facilities and other unsecured debt was 2.69% at December 31, 2021.

Contractual Debt Obligations The following table presents the expected scheduled principal and interest payments under our contractual debt obligations:

	Years Ending December 31,
	2022		2023		2024		2025		2026		Thereafter		Total
Secured debt	$	19,996	$	11,732	$	5,033	$	1,895	$	76	$	672	$	39,404
Unsecured debt	13,337		8,545		8,284		6,763		6,005		10,199		53,133
Interest payments	1,864		1,350		908		554		361		575		5,612
	$	35,197	$	21,627	$	14,225	$	9,212	$	6,442	$	11,446	$	98,149

Compliance with Debt Covenants Several of 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 our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured debt obligations contain covenants including limitations on our ability to incur certain liens. At December 31, 2021, we were in compliance with these debt covenants.