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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Disaggregation of Revenue by Major Source

The following table disaggregates our revenue by major source (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Automotive sales without resale value guarantee	$	9,332	$	4,423	$	17,345	$	8,790
Automotive sales with resale value guarantee		188		60		362		232
Automotive regulatory credits		354		428		872		782
Energy generation and storage sales		653		225		1,036		398
Services and other		951		487		1,844		1,047
Total revenues from sales and services		11,478		5,623		21,459		11,249
Automotive leasing		332		268		629		507
Energy generation and storage leasing		148		145		259		265
Total revenues	$	11,958	$	6,036	$	22,347	$	12,021

Lease Receivable Relating to Sales-Type Lease

Lease receivables relating to sales-type leases are presented on the consolidated balance sheet as follows (in millions):


	June 30, 2021			December 31, 2020
Gross lease receivables	$	178		$	102
Unearned interest income		(18	)		(11	)
Net investment in sales-type leases	$	160		$	91

Reported as:
Prepaid expenses and other current assets	$	30		$	17
Other assets		130			74
Net investment in sales-type leases	$	160		$	91

Schedule of Reconciliation of Basic to Diluted Weighted Average Shares Used in Computing Net Income Per Share of Common Stock, as Adjusted to Give Effect to Stock Split

The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders, as adjusted to give effect to the five-for-one stock split effected in the form of a stock dividend in August 2020 (the “Stock Split”) (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Weighted average shares used in computing net income per share of common stock, basic		971		928		966		921
Add:
Stock-based awards		93		53		95		50
Convertible senior notes (1)		10		39		16		35
Warrants		45		16		49		10
Weighted average shares used in computing net income per share of common stock, diluted		1,119		1,036		1,126		1,016

Schedule of Potentially Dilutive Shares that were Excluded from Computation of Diluted Net Income (Loss) per Share of Common Stock

The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive, as adjusted to give effect to the Stock Split (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock-based awards		1		1		0		2
Convertible senior notes (1)		0		1		1		2

(1)

Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible senior notes was calculated using the if-converted method for the three and six months ended June 30, 2021. Certain convertible senior notes were calculated using the treasury stock method for the three and six months ended June 30, 2020. Refer to discussion above for further details.

Schedule of Cash and Cash Equivalents and Restricted Cash

Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions):


	June 30,		December 31,		June 30,		December 31,
	2021		2020		2020		2019
Cash and cash equivalents	$	16,229	$	19,384	$	8,615	$	6,268
Restricted cash included in prepaid expenses and other current assets		326		238		203		246
Restricted cash included in other non-current assets		270		279		288		269
Total as presented in the consolidated statements of cash flows	$	16,825	$	19,901	$	9,106	$	6,783

Schedule of Accrued Warranty Activity

Accrued warranty activity consisted of the following (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Accrued warranty—beginning of period	$	1,534		$	1,130		$	1,468		$	1,089
Warranty costs incurred		(125	)		(62	)		(241	)		(143	)
Net changes in liability for pre-existing warranties, including expirations and foreign exchange impact		7			9			6			12
Provision for warranty		275			120			458			239
Accrued warranty—end of period	$	1,691		$	1,197		$	1,691		$	1,197

Schedule of Cumulative Effect of Changes Made to Consolidated Balance Sheet for Adoption of New Lease Standard

Accordingly, the cumulative effect of the changes made on our January 1, 2021 consolidated balance sheet for the adoption of the ASU was as follows (in millions):


	Balances at December 31, 2020			Adjustments from Adoption of ASU 2020-06			Balances at January 1, 2021
Assets
Property, plant and equipment, net	$	12,747		$	(45	)	$	12,702
Liabilities
Current portion of debt and finance leases		2,132			50			2,182
Debt and finance leases, net of current portion		9,556			219			9,775
Mezzanine equity
Convertible senior notes		51			(51	)		—
Equity
Additional paid-in capital		27,260			(474	)		26,786
Accumulated deficit		(5,399	)		211			(5,188	)