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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Debt and Finance Leases

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

The following is a summary of our debt and finance leases as of December 31, 2022 (in millions):

			Net Carrying Value												Unpaid Principal Balance						Unused Committed Amount (2)						Contractual Interest Rates						Contractual Maturity Date
			Current						Long-Term
Recourse debt:
2024 Notes			$	—					$	37					$	37					$	—					2.00		%				May 2024
Credit Agreement			—						—						—						2,266						Not applicable						July 2023
Solar Bonds			—						7						7						—						4.70-5.75%						March 2025 - January 2031
Total recourse debt			—						44						44						2,266
Non-recourse debt:
Automotive Asset-backed Notes			984						613						1,603						—						0.36-4.64%						December 2023-September 2025
Solar Asset-backed Notes			4						13						17						—						4.80		%				December 2026
Cash Equity Debt			28						359						397						—						5.25-5.81%						July 2033-January 2035
Automotive Lease-backed Credit Facilities			—						—						—						151						Not applicable						September 2024
Total non-recourse debt			1,016						985						2,017						151
Total debt			1,016						1,029						$	2,061					$	2,417
Finance leases			486						568
Total debt and finance leases			$	1,502					$	1,597

(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 section below for the terms of the facility.

(2)There were no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain 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 or various other assets as described below.

Schedule of Future Principal Maturities of Debt

The future scheduled principal maturities of debt as of December 31, 2023 were as follows (in millions):

			Recourse debt						Non-recourse debt						Total
2024			$	37					$	1,941					$	1,978
2025			4						1,663						1,667
2026			—						494						494
2027			—						276						276
2028			—						44						44
Thereafter			3						221						224
Total			$	44					$	4,639					$	4,683

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