Debt (Tables)

3 Months Ended

Mar. 31, 2024

The following is a summary of our debt and finance leases as of March 31, 2024 (in millions):


	Net Carrying Value				Unpaid Principal Balance		Unused Committed Amount (1)		Contractual Interest Rates		Contractual Maturity Date
	Current		Long-Term
Recourse debt:
2024 Notes	$	21	$	—	$	21	$	—	2.00	%	May 2024
RCF Credit Agreement	—		—		—		5,000		Not applicable		January 2028
Solar Bonds	1		6		7		—		4.70-5.75%		March 2025-January 2031
Other	26		—		26		—		5.20	%	December 2026
Total recourse debt	48		6		54		5,000
Non-recourse debt:
Automotive Asset-backed Notes	2,054		2,405		4,475		—		0.60-6.57%		December 2024-May 2031
Solar Asset-backed Notes	4		7		12		—		4.80	%	December 2026
Cash Equity Debt	29		321		359		—		5.25-5.81%		July 2033-January 2035
Total non-recourse debt	2,087		2,733		4,846		—
Total debt	2,135		2,739		$	4,900	$	5,000
Finance leases	326		160
Total debt and finance leases	$	2,461	$	2,899

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


	Net Carrying Value				Unpaid Principal Balance		Unused Committed Amount (1)		Contractual Interest Rates		Contractual Maturity Date
	Current		Long-Term
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
Other	—		—		—		28		Not applicable		December 2026
Total recourse debt	37		7		44		5,028
Non-recourse debt:
Automotive Asset-backed Notes	1,906		2,337		4,259		—		0.60-6.57%		July 2024-May 2031
Solar Asset-backed Notes	4		8		13		—		4.80	%	December 2026
Cash Equity Debt	28		330		367		—		5.25-5.81%		July 2033-January 2035
Total non-recourse debt	1,938		2,675		4,639		—
Total debt	1,975		2,682		$	4,683	$	5,028
Finance leases	398		175
Total debt and finance leases	$	2,373	$	2,857

(1)There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our RCF Credit Agreement, except certain specified conditions prior to draw-down. Refer to the notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2023 for the terms of the facility.