General Motors 2015 Annual Report Download - page 79

Table of Contents
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of $449 million and $202 million. In the year ended December 31, 2013 we prepaid and retired debt obligations with a total carrying amount of $1.8 billion
which primarily represented the unamortized debt discount on GM Korea mandatorily redeemable preferred shares and recorded a net loss on extinguishment
of debt of $212 million.
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The following table summarizes the carrying amount and fair value of debt (dollars in millions):
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Secured debt
$ 30,689
$ 30,671
$ 25,173
$ 25,228
Unsecured debt
23,657
23,726
12,142
12,479
Total GM Financial debt
$ 54,346
$ 54,397
$ 37,315
$ 37,707
Fair value utilizing Level 2 inputs – identical and similar instruments
$ 48,716
$ 32,790
Fair value utilizing Level 3 inputs
$ 5,681
$ 4,917
For debt that has terms of one year or less or has been priced within the last six months, the carrying amount or par value is considered to be a reasonable
estimate of fair value. The fair value of debt measured utilizing Level 3 inputs was based on the discounted future net cash flows expected to be settled using
current risk-adjusted rates.
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Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged finance receivables and leases. Refer to
Note 10 for additional information on GM Financial's involvement with VIEs. Secured debt consists of revolving credit facilities and securitization notes
payable. The weighted-average interest rate on secured debt was 1.99% at December 31, 2015.
The revolving credit facilities have maturity dates over periods ranging up to six years. At the end of the revolving period, if not renewed, the debt will
amortize over a defined period. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings
under certain secured credit facilities. In the year ended December 31, 2015 GM Financial entered into new or renewed credit facilities with substantially the
same terms as existing debt and a total net additional borrowing capacity of $5.2 billion.
Securitization notes payable at December 31, 2015 are due beginning in 2016 through 2023. In the year ended December 31, 2015 GM Financial issued
securitization notes payable of $14.3 billion.
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Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2015 are due beginning in
2016 through 2025 and have a weighted-average interest rate of 3.37%. In the year ended December 31, 2015 GM Financial issued the following notes:
• $2.25 billion in aggregate principal amount of senior notes issued in January comprising $1.0 billion of 3.15% notes due in January 2020, $1.0
billion of 4.0% notes due in January 2025 and $250 million of floating rate notes due in January 2020;
• Euro 650 million of 0.85% term notes issued in February and due in February 2018;
• $2.4 billion in aggregate principal amount of senior notes issued in April comprising $850 million of 2.4% notes due in April 2018, $1.25 billion of
3.45% notes due in April 2022 and $300 million of floating rate notes due in April 2018;
• CAD $500 million of 3.08% senior notes issued in May and due in May 2020;
• $2.3 billion in aggregate principal amount of senior notes issued in July comprising $1.5 billion of 3.2% notes due in July 2020 and $800 million of
4.3% notes due in July 2025;
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