Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt and Finance Leases

The following is a summary of our debt and finance leases as of June 30, 2025 (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	1		2		3		—		4.70-5.75%	July 2025-January 2031
Total recourse debt	1		2		3		5,000
Non-recourse debt:
Automotive Asset-backed Notes	1,878		1,532		3,421		—		2.53-6.57%	June 2026-June 2035
China Working Capital Facility	—		2,790		2,790		—		2.11%	March 2026-April 2026 (2)
Energy Asset-backed Notes	53		384		441		—		5.08-6.25%	June 2050
Cash Equity Debt	30		286		324		—		5.25-5.81%	July 2033-January 2035
Total non-recourse debt	1,961		4,992		6,976		—
Total debt	1,962		4,994		$	6,979	$	5,000
Finance leases	78		186
Total debt and finance leases	$	2,040	$	5,180

The following is a summary of our debt and finance leases as of December 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:
RCF Credit Agreement	$	—	$	—	$	—	$	5,000	Not applicable	January 2028
Other	4		3		7		—		4.70-5.75%	March 2025-January 2031
Total recourse debt	4		3		7		5,000
Non-recourse debt:
Automotive Asset-backed Notes	2,255		2,059		4,329		—		3.45-6.57%	September 2025-June 2035
China Working Capital Facility	—		2,740		2,740		—		1.92%	April 2025 (2)
Energy Asset-backed Notes	54		434		493		—		4.80-6.25%	December 2025-June 2050
Cash Equity Debt	30		299		338		—		5.25-5.81%	July 2033-January 2035
Total non-recourse debt	2,339		5,532		7,900		—
Total debt	2,343		5,535		$	7,907	$	5,000
Finance leases	113		222
Total debt and finance leases	$	2,456	$	5,757

(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, 2024 for the terms of the facility.

(2)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 sheets.