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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Debt and Finance Leases | 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 |  |  |  |  |  |  |  |  |
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
Energy 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 section below 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 sheets.
Schedule of Future Principal Maturities of Debt | The future scheduled principal maturities of debt as of December 31, 2024 were as follows (in millions):
| Recourse debt |  | Non-recourse debt |  | Total
2025 | $ | 4 |  |  | $ | 2,349 |  |  | $ | 2,353 |
2026 | — |  |  | 4,116 |  |  | 4,116 |
2027 | — |  |  | 699 |  |  | 699 |
2028 | — |  |  | 243 |  |  | 243 |
2029 | — |  |  | 95 |  |  | 95 |
Thereafter | 3 |  |  | 398 |  |  | 401 |
Total | $ | 7 |  |  | $ | 7,900 |  |  | $ | 7,907 |

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- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
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