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Debt (Tables)

3 Months Ended

Mar. 31, 2023

The following is a summary of our debt and finance leases as of March 31, 2023 (in millions):


					Unpaid		Unused
	Net Carrying Value				Principal		Committed		Contractual		Contractual
	Current		Long-Term		Balance		Amount (1)		Interest Rates		Maturity Date
Recourse debt:
2024 Notes	$	—	$	37	$	37	$	—	2.00	%	May 2024
RCF Credit Agreement		—		—		—		5,000	Not applicable		January 2028
Solar Bonds		—		7		7		—	4.70-5.75	%	March 2025 - January 2031
Total recourse debt		—		44		44		5,000
Non-recourse debt:
Automotive Asset-backed Notes		903		410		1,317		—	0.36-4.64	%	February 2024-September 2025
Solar Asset-backed Notes		4		12		16		—	4.80	%	December 2026
Cash Equity Debt		28		351		389		—	5.25-5.81	%	July 2033-January 2035
Automotive Lease-backed Credit Facilities		—		—		—		155	Not applicable		September 2024
Total non-recourse debt		935		773		1,722		155
Total debt		935		817	$	1,766	$	5,155
Finance leases		469		455
Total debt and finance leases	$	1,404	$	1,272

The following is a summary of our debt and finance leases as of December 31, 2022 (in millions):


					Unpaid		Unused
	Net Carrying Value				Principal		Committed		Contractual		Contractual
	Current		Long-Term		Balance		Amount (2)		Interest Rates		Maturity Date
Recourse debt:
2024 Notes	$	—	$	37	$	37	$	—	2.00	%	May 2024
Credit Agreement		—		—		—		2,266	Not applicable		July 2023
Solar Bonds		—		7		7		—	4.70-5.75	%	March 2025 - January 2031
Total recourse debt		—		44		44		2,266
Non-recourse debt:
Automotive Asset-backed Notes		984		613		1,603		—	0.36-4.64	%	December 2023-September 2025
Solar Asset-backed Notes		4		13		17		—	4.80	%	December 2026
Cash Equity Debt		28		359		397		—	5.25-5.81	%	July 2033-January 2035
Automotive Lease-backed Credit Facilities		—		—		—		151	Not applicable		September 2024
Total non-recourse debt		1,016		985		2,017		151
Total debt		1,016		1,029	$	2,061	$	2,417
Finance leases		486		568
Total debt and finance leases	$	1,502	$	1,597

(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, except certain specified conditions prior to draw-down, including pledging our leased vehicles and our interests in those leases 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, 2022.

(2)

There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, 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 or various other assets and as may be described in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2022.