Debt (Tables)

9 Months Ended

Sep. 30, 2020

The following is a summary of our debt and finance leases as of September 30, 2020 (in millions):

					Unpaid		Unused
	Net Carrying Value				Principal		Committed		Contractual			Contractual
	Current		Long-Term		Balance		Amount (1)		Interest Rates			Maturity Date
Recourse debt:
1.25% Convertible Senior Notes due in 2021 (“2021 Notes”)	$	1,350		—		1,376	$	—		1.25	%	March 2021
2.375% Convertible Senior Notes due in 2022 (“2022 Notes”)		249		678		977		—		2.375	%	March 2022
2.00% Convertible Senior Notes due in 2024 (“2024 Notes”)		32		1,413		1,833		—		2.00	%	May 2024
5.30% Senior Notes due in 2025 (“2025 Notes”)		—		1,784		1,800		—		5.30	%	August 2025
Credit Agreement		—		1,885		1,885		281		3.3	%	July 2023
Zero-Coupon Convertible Senior Notes due in 2020		3		—		3		—		0.0	%	December 2020
Solar Bonds and other Loans		2		52		56		—		3.6%-5.8	%	October 2020 - January 2031
Total recourse debt		1,636		5,812		7,930		281
Non-recourse debt:
Automotive Asset-backed Notes		857		1,027		1,892		—		0.2%-7.9	%	August 2021-August 2024
Solar Asset-backed Notes		40		1,079		1,144		—		3.0%-7.7	%	September 2024-February 2048
China Loan Agreements		—		592		592		1,650		4.0	%	December 2020-December 2024
Cash Equity Debt		13		421		447		—		5.3%-5.8	%	July 2033-January 2035
Solar Loan-backed Notes		13		133		151		—		4.8%-7.5	%	September 2048-September 2049
Warehouse Agreements		36		267		303		797		1.7%-1.9	%	September 2022
Solar Term Loans		154		—		155		—		3.7	%	January 2021
Automotive Lease-backed Credit Facilities		17		18		35		144		1.9%-5.9	%	September 2022-November 2022
Solar Renewable Energy Credit and other Loans		—		79		79		21		2.7%-5.1	%	June 2022-February 2033
Total non-recourse debt		1,130		3,616		4,798		2,612
Total debt		2,766		9,428	$	12,728	$	2,893
Finance leases		360		1,131
Total debt and finance leases	$	3,126	$	10,559

The following is a summary of our debt and finance leases as of December 31, 2019 (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	$	—	$	1,304	$	1,380	$	—		1.25	%	March 2021
2022 Notes		—		902		978		—		2.375	%	March 2022
2024 Notes		—		1,383		1,840		—		2.00	%	May 2024
2025 Notes		—		1,782		1,800		—		5.30	%	August 2025
Credit Agreement		141		1,586		1,727		499		2.7%-4.8	%	June 2020-July 2023
Zero-Coupon Convertible Senior Notes due in 2020		97		—		103		—		0.0	%	December 2020
Solar Bonds and other Loans		15		53		70		—		3.6%-5.8	%	March 2020-January 2031
Total recourse debt		253		7,010		7,898		499
Non-recourse debt:
Automotive Asset-backed Notes		573		997		1,577		—		2.0%-7.9	%	February 2020- May 2023
Solar Asset-backed Notes		32		1,123		1,183		—		4.0%-7.7	%	September 2024-February 2048
China Loan Agreements		444		297		741		1,542		3.7%-4.0	%	September 2020-December 2024
Cash Equity Debt		10		430		454		—		5.3%-5.8	%	July 2033-January 2035
Solar Loan-backed Notes		11		164		182		—		4.8%-7.5	%	September 2048-September 2049
Warehouse Agreements		21		146		167		933		3.1%-3.6	%	September 2021
Solar Term Loans		8		152		161		—		5.4	%	January 2021
Automotive Lease-backed Credit Facility		24		16		40		—		4.2%-5.9	%	November 2022
Solar Renewable Energy Credit and other Loans		23		67		89		6		4.5%-7.4	%	March 2020-June 2022
Total non-recourse debt		1,146		3,392		4,594		2,481
Total debt		1,399		10,402	$	12,492	$	2,980
Finance leases		386		1,232
Total debt and finance leases	$	1,785	$	11,634

(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 as may be described in the notes to the consolidated financial statements included in our reports on Form 10-K and Form 10-Q filed subsequent to December 31, 2019 (such as 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).

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 includes the 0.25% Convertible Senior Notes due in 2019 (matured in March 2019), the 2021 Notes, the 2022 Notes and the 2024 Notes (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Contractual interest coupon	$	19	$	19	$	58	$	45
Amortization of debt issuance costs		2		2		5		5
Amortization of debt discounts		50		43		138		104
Total	$	71	$	64	$	201	$	154