Debt (Tables)

9 Months Ended

Sep. 30, 2024

The following is a summary of our debt and finance leases as of September 30, 2024 (in millions):


	Net Carrying Value				Unpaid Principal Balance		Unused Committed Amount (1)		Contractual Interest Rates		Contractual Maturity Date
	Current		Long-Term
Recourse debt:
RCF Credit Agreement	$	—	$	—	$	—	$	5,000	Not applicable		January 2028
Other	8		3		11		—		3.96-5.75%		March 2025-January 2031
Total recourse debt	8		3		11		5,000
Non-recourse debt:
Automotive Asset-backed Notes	2,073		2,107		4,195		—		3.95-6.57%		August 2025-June 2035
China Working Capital Facility	—		2,851		2,851		—		2.27	%	April 2025 (2)
Cash Equity Debt	30		309		348		—		5.25-5.81%		July 2033-January 2035
Solar Asset-backed Notes	4		5		10		—		4.80	%	December 2026
Total non-recourse debt	2,107		5,272		7,404		—
Total debt	2,115		5,275		$	7,415	$	5,000
Finance leases	176		130
Total debt and finance leases	$	2,291	$	5,405

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
Other	—		7		7		28		4.70-5.75%		March 2025-January 2031
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
Cash Equity Debt	28		330		367		—		5.25-5.81%		July 2033-January 2035
Solar Asset-backed Notes	4		8		13		—		4.80	%	December 2026
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.

(2)The contractual maturity date of the China Working Capital Facility is April 2025, renewable until March 2026 at our discretion. As we have the intent and ability to refinance the loan on a long-term basis, we recorded it in Debt and finance leases, net of current portion in the consolidated balance sheet.