Long-Term Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2019

The following is a summary of our debt as of June 30, 2019 (in thousands):

	Unpaid						Unused
	Principal		Net Carrying Value				Committed		Contractual			Contractual
	Balance		Current		Long-Term		Amount (1)		Interest Rates			Maturity Date
Recourse debt:
1.25% Convertible Senior Notes due in 2021 ("2021 Notes")		1,380,000		—		1,273,206		—		1.25	%	March 2021
2.375% Convertible Senior Notes due in 2022 ("2022 Notes")		977,500		—		886,513		—		2.375	%	March 2022
2.00% Convertible Senior Notes due in 2024 ("2024 Notes")		1,840,000		—		1,340,143		—		2.00	%	May 2024
5.30% Senior Notes due in 2025 ("2025 Notes")		1,800,000		—		1,780,345		—		5.30	%	August 2025
Credit Agreement		1,740,000		141,711		1,598,289		504,993	3.4% -5.5%			June 2020-July 2023
1.625% Convertible Senior Notes due in 2019		565,992		556,575		—		—		1.625	%	November 2019
Zero-Coupon Convertible Senior Notes due in 2020		103,000		—		94,559		—		0.0	%	December 2020
Vehicle, Solar Bonds and other Loans		144,668		14,712		126,948		1,000	1.8%-6.8%			September 2019-January 2031
Total recourse debt		8,551,160		712,998		7,100,003		505,993
Non-recourse debt:
Warehouse Agreements		321,650		45,452		276,198		778,350	3.8%-4.1%			September 2020
Canada Credit Facility		56,639		28,878		27,761		—	3.6%-5.9%			November 2022
Term Loan due in 2019		161,944		161,944		—		—		5.9	%	December 2019
Term Loan due in 2021		166,152		7,284		158,313		—		6.1	%	January 2021
Solar Revolving Credit Facility		41,908		—		41,908		—		6.0	%	June 2022
China Loan Agreement		27,478		27,478		—		482,122		3.9	%	March 2020
Cash equity debt		461,926		9,401		438,534		—	5.3%-5.8%			July 2033-January 2035
Solar asset-backed notes		1,198,962		33,640		1,135,790		—	4.0%-7.7%			September 2024-February 2048
Solar loan-backed notes		196,924		10,671		179,285		—	4.8%-7.5%			September 2048-September 2049
Automotive asset-backed notes		949,951		400,665		544,949		—	2.3%-7.9%			December 2019-June 2022
Solar Renewable Energy Credit and other Loans		24,995		21,417		3,106		27,201	4.4%-8.2%			September 2019-July 2021
Total non-recourse debt		3,608,529		746,830		2,805,844		1,287,673
Total debt	$	12,159,689	$	1,459,828	$	9,905,847	$	1,793,666

The following is a summary of our debt as of December 31, 2018 (in thousands):

	Unpaid						Unused
	Principal		Net Carrying Value				Committed		Contractual			Contractual
	Balance		Current		Long-Term		Amount (1)		Interest Rates			Maturity Date
Recourse debt:
0.25% Convertible Senior Notes due in 2019 ("2019 Notes")		920,000		912,625		—		—		0.25	%	March 2019
2021 Notes		1,380,000		—		1,243,496		—		1.25	%	March 2021
2022 Notes		977,500		—		871,326		—		2.375	%	March 2022
2025 Notes		1,800,000		—		1,778,756		—		5.30	%	August 2025
Credit Agreement		1,540,000		—		1,540,000		230,999	1% plus LIBOR			June 2020
1.625% Convertible Senior Notes due in 2019		565,992		541,070		—		—		1.625	%	November 2019
Zero-Coupon Convertible Senior Notes due in 2020		103,000		—		91,799		—		0.0	%	December 2020
Vehicle, Solar Bonds and other Loans		100,928		1,322		100,190		—	1.8%-7.6%			January 2019-January 2031
Total recourse debt		7,387,420		1,455,017		5,625,567		230,999
Non-recourse debt:
Warehouse Agreements		92,000		13,604		78,396		1,008,000	3.9%-4.2%			September 2020
Canada Credit Facility		73,220		31,766		41,454		—	3.6%-5.9%			November 2022
Term Loan due in 2019		180,624		180,624		—		—		6.1	%	January 2019
Term Loan due in 2021		169,050		6,876		161,453		—		6.0	%	January 2021
Cash equity debt		466,837		10,911		441,472		—	5.3%-5.8%			July 2033-January 2035
Solar asset-backed notes		1,214,071		28,761		1,154,914		—	4.0%-7.7%			September 2024-February 2048
Solar loan-backed notes		210,249		9,888		193,164		—	4.8%-7.5%			September 2048-September 2049
Automotive asset-backed notes		1,177,937		467,926		704,234		—	2.3%-7.9%			December 2019-June 2022
Solar Renewable Energy Credit and other Loans		26,742		16,612		9,836		17,633	5.1%-7.9%			December 2019-July 2021
Total non-recourse debt		3,610,730		766,968		2,784,923		1,025,633
Total debt	$	10,998,150	$	2,221,985	$	8,410,490	$	1,256,632

(1)

Unused committed amounts under some of our credit facilities and financing funds are subject to satisfying specified conditions prior to draw-down (such as 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). Upon draw-down of any unused committed amounts, there are no restrictions on use of available funds for general corporate purposes.

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 include the 2018 Notes, the 2019 Notes, the 2021 Notes, the 2022 Notes and the 2024 Notes (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Contractual interest coupon	$	15,533	$	10,588	$	25,892	$	21,136
Amortization of debt issuance costs		1,470		1,642		2,940		3,257
Amortization of debt discounts		33,467		30,525		61,541		60,384
Total	$	50,470	$	42,755	$	90,373	$	84,777