Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of Debt and Finance Leases

The following is a summary of our debt and finance leases as of June 30, 2021 (in millions):

					Unpaid		Unused
	Net Carrying Value				Principal		Committed		Contractual			Contractual
	Current		Long-Term		Balance		Amount (1)		Interest Rates			Maturity Date
Recourse debt:
2022 Notes	$	130	$	—	$	131	$	—		2.375	%	March 2022
2024 Notes		7		166		174		—		2.00	%	May 2024
2025 Notes		—		1,787		1,800		—		5.30	%	August 2025
Credit Agreement		—		1,878		1,878		280		3.3	%	July 2023
Solar Bonds and other Loans		2		7		9		—		4.0-5.8	%	October 2021-January 2031
Total recourse debt		139		3,838		3,992		280
Non-recourse debt:
Automotive Asset-backed Notes		869		1,455		2,333		—		0.2-7.9	%	August 2021-March 2025
Solar Asset-backed Notes		41		1,054		1,122		—		2.9-7.7	%	September 2024-February 2048
Cash Equity Debt		20		402		434		—		5.3-5.8	%	July 2033-January 2035
Solar Loan-backed Notes		13		115		134		—		4.8-7.5	%	September 2048-September 2049
Warehouse Agreements		—		—		—		1,100		Not applicable		September 2022
Automotive Lease-backed Credit Facilities		—		—		—		173		Not applicable		September 2022
Other Loans		—		14		14		23		5.1	%	February 2033
Total non-recourse debt		943		3,040		4,037		1,296
Total debt		1,082		6,878	$	8,029	$	1,576
Finance leases		448		993
Total debt and finance leases	$	1,530	$	7,871

The following is a summary of our debt and finance leases as of December 31, 2020 (in millions):

					Unpaid		Unused
	Net Carrying Value				Principal		Committed		Contractual			Contractual
	Current		Long-Term		Balance		Amount (1)		Interest Rates			Maturity Date
Recourse debt:
2021 Notes	$	419	$	—	$	422	$	—		1.25	%	March 2021
2022 Notes		115		366		503		—		2.375	%	March 2022
2024 Notes		171		856		1,282		—		2.00	%	May 2024
2025 Notes		—		1,785		1,800		—		5.30	%	August 2025
Credit Agreement		—		1,895		1,895		278		3.3	%	July 2023
Solar Bonds and other Loans		4		49		55		—		3.6%-5.8	%	January 2021 - January 2031
Total recourse debt		709		4,951		5,957		278
Non-recourse debt:
Automotive Asset-backed Notes		777		921		1,705		—		0.6%-7.9	%	August 2021-August 2024
Solar Asset-backed Notes		39		1,076		1,141		—		3.0%-7.7	%	September 2024-February 2048
China Loan Agreements		—		616		616		1,372		4.0	%	June 2021-December 2024
Cash Equity Debt		18		408		439		—		5.3%-5.8	%	July 2033-January 2035
Solar Loan-backed Notes		13		133		152		—		4.8%-7.5	%	September 2048-September 2049
Warehouse Agreements		37		257		294		806		1.7%-1.8	%	September 2022
Solar Term Loan		151		—		151		—		3.7	%	January 2021
Automotive Lease-backed Credit Facility		14		19		33		153		1.9%-5.9	%	September 2022-November 2022
Solar Revolving Credit Facility and    other Loans		—		81		81		23		2.7%-5.1	%	June 2022-February 2033
Total non-recourse debt		1,049		3,511		4,612		2,354
Total debt		1,758		8,462	$	10,569	$	2,632
Finance leases		374		1,094
Total debt and finance leases	$	2,132	$	9,556

(1)There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities and financing funds, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases, solar energy systems and the associated customer contracts, our interests in financing funds or various other assets and as may be described below and in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2020.

Schedule of Interest Expense

The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts on our convertible senior notes with cash conversion features, which include the 2021 Notes, the 2022 Notes and the 2024 Notes (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Contractual interest coupon	$	3	$	19	$	10	$	39
Amortization of debt issuance costs		1		2		3		4
Amortization of debt discounts (1)		—		44		—		88
Total	$	4	$	65	$	13	$	131

(1)Under the modified retrospective method of adoption of ASU 2020-06, there was neither amortization of debt discounts, nor losses on extinguishment of debt recognized for the three and six months ended June 30, 2021. Refer to discussion above for further details.