| Summary of Debt |
The following is a summary of our debt as of December 31, 2019 (in millions):
|
|
|
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 |
|
|
$ |
— |
|
|
$ |
1,304 |
|
|
$ |
— |
|
|
|
1.25 |
% |
|
March 2021 |
|
2.375% Convertible Senior Notes due in 2022
("2022 Notes") |
|
|
978 |
|
|
|
— |
|
|
|
902 |
|
|
|
— |
|
|
|
2.375 |
% |
|
March 2022 |
|
2.00% Convertible Senior Notes due in 2024
("2024 Notes") |
|
|
1,840 |
|
|
|
— |
|
|
|
1,383 |
|
|
|
— |
|
|
|
2.00 |
% |
|
May 2024 |
|
5.30% Senior Notes due in 2025
("2025 Notes") |
|
|
1,800 |
|
|
|
— |
|
|
|
1,782 |
|
|
|
— |
|
|
|
5.30 |
% |
|
August 2025 |
|
Credit Agreement |
|
|
1,727 |
|
|
|
141 |
|
|
|
1,586 |
|
|
|
499 |
|
|
2.7%-4.8% |
|
|
June 2020-July 2023 |
|
Zero-Coupon Convertible Senior Notes due in
2020 |
|
|
103 |
|
|
|
97 |
|
|
|
— |
|
|
|
— |
|
|
|
0.0 |
% |
|
December 2020 |
|
Solar Bonds and other Loans |
|
|
70 |
|
|
|
15 |
|
|
|
53 |
|
|
|
— |
|
|
3.6%-5.8% |
|
|
March 2020-January 2031 |
|
Total recourse debt |
|
|
7,898 |
|
|
|
253 |
|
|
|
7,010 |
|
|
|
499 |
|
|
|
|
|
|
|
|
Non-recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Asset-backed Notes |
|
|
1,577 |
|
|
|
573 |
|
|
|
997 |
|
|
|
— |
|
|
2.0%-7.9% |
|
|
February 2020- May 2023 |
|
Solar Asset-backed Notes |
|
|
1,183 |
|
|
|
32 |
|
|
|
1,123 |
|
|
|
— |
|
|
4.0%-7.7% |
|
|
September 2024-February 2048 |
|
China Loan Agreements |
|
|
741 |
|
|
|
444 |
|
|
|
297 |
|
|
|
1,542 |
|
|
3.7%-4.0% |
|
|
September 2020-December 2024 |
|
Cash Equity Debt |
|
|
454 |
|
|
|
10 |
|
|
|
430 |
|
|
|
— |
|
|
5.3%-5.8% |
|
|
July 2033-January 2035 |
|
Solar Loan-backed Notes |
|
|
182 |
|
|
|
11 |
|
|
|
164 |
|
|
|
— |
|
|
4.8%-7.5% |
|
|
September 2048-September 2049 |
|
Warehouse Agreements |
|
|
167 |
|
|
|
21 |
|
|
|
146 |
|
|
|
933 |
|
|
3.1%-3.6% |
|
|
September 2021 |
|
Solar Term Loans |
|
|
161 |
|
|
|
8 |
|
|
|
152 |
|
|
|
— |
|
|
|
5.4 |
% |
|
January 2021 |
|
Canada Credit Facility |
|
|
40 |
|
|
|
24 |
|
|
|
16 |
|
|
|
— |
|
|
4.2%-5.9% |
|
|
November 2022 |
|
Solar Renewable Energy Credit and
other Loans |
|
|
89 |
|
|
|
23 |
|
|
|
67 |
|
|
|
6 |
|
|
4.5%-7.4% |
|
|
March 2020-June 2022 |
|
Total non-recourse debt |
|
|
4,594 |
|
|
|
1,146 |
|
|
|
3,392 |
|
|
|
2,481 |
|
|
|
|
|
|
|
|
Total debt |
|
$ |
12,492 |
|
|
$ |
1,399 |
|
|
$ |
10,402 |
|
|
$ |
2,980 |
|
|
|
|
|
|
|
The following is a summary of our debt as of December 31, 2018 (in millions):
|
|
|
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 |
|
|
$ |
913 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
0.25 |
% |
|
March 2019 |
|
2021 Notes |
|
|
1,380 |
|
|
|
— |
|
|
|
1,244 |
|
|
|
— |
|
|
|
1.25 |
% |
|
March 2021 |
|
2022 Notes |
|
|
978 |
|
|
|
— |
|
|
|
871 |
|
|
|
— |
|
|
|
2.375 |
% |
|
March 2022 |
|
2025 Notes |
|
|
1,800 |
|
|
|
— |
|
|
|
1,779 |
|
|
|
— |
|
|
|
5.30 |
% |
|
August 2025 |
|
Credit Agreement |
|
|
1,540 |
|
|
|
— |
|
|
|
1,540 |
|
|
|
231 |
|
|
1% plus LIBOR |
|
|
June 2020 |
|
1.625% Convertible Senior Notes due in 2019 |
|
|
566 |
|
|
|
541 |
|
|
|
— |
|
|
|
— |
|
|
|
1.625 |
% |
|
November 2019 |
|
Zero-Coupon Convertible Senior Notes due in
2020 |
|
|
103 |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
|
|
0.0 |
% |
|
December 2020 |
|
Vehicle, Solar Bonds and other Loans |
|
|
101 |
|
|
|
1 |
|
|
|
100 |
|
|
|
— |
|
|
1.8%-7.6% |
|
|
January 2019-January 2031 |
|
Total recourse debt |
|
|
7,388 |
|
|
|
1,455 |
|
|
|
5,626 |
|
|
|
231 |
|
|
|
|
|
|
|
|
Non-recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Asset-backed Notes |
|
|
1,214 |
|
|
|
28 |
|
|
|
1,155 |
|
|
|
— |
|
|
4.0%-7.7% |
|
|
September 2024-February 2048 |
|
Automotive Asset-backed Notes |
|
|
1,178 |
|
|
|
468 |
|
|
|
704 |
|
|
|
— |
|
|
2.3%-7.9% |
|
|
December 2019-June 2022 |
|
Cash Equity Debt |
|
|
467 |
|
|
|
11 |
|
|
|
442 |
|
|
|
— |
|
|
5.3%-5.8% |
|
|
July 2033-January 2035 |
|
Solar Term Loans |
|
|
350 |
|
|
|
188 |
|
|
|
162 |
|
|
|
— |
|
|
6.0%-6.1% |
|
|
January 2019-January 2021 |
|
Solar Loan-backed Notes |
|
|
210 |
|
|
|
10 |
|
|
|
193 |
|
|
|
— |
|
|
4.8%-7.5% |
|
|
September 2048-September 2049 |
|
Warehouse Agreements |
|
|
92 |
|
|
|
14 |
|
|
|
78 |
|
|
|
1,008 |
|
|
3.9%-4.2% |
|
|
September 2020 |
|
Canada Credit Facility |
|
|
73 |
|
|
|
32 |
|
|
|
41 |
|
|
|
— |
|
|
3.6%-5.9% |
|
|
November 2022 |
|
Solar Renewable Energy Credit and
other Loans |
|
|
27 |
|
|
|
16 |
|
|
|
10 |
|
|
|
18 |
|
|
5.1%-7.9% |
|
|
December 2019-July 2021 |
|
Total non-recourse debt |
|
|
3,611 |
|
|
|
767 |
|
|
|
2,785 |
|
|
|
1,026 |
|
|
|
|
|
|
|
|
Total debt |
|
$ |
10,999 |
|
|
$ |
2,222 |
|
|
$ |
8,411 |
|
|
$ |
1,257 |
|
|
|
|
|
|
|
|
(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 1.50% Convertible Senior Notes due in 2018, the 2019 Notes, the 2021 Notes, the 2022 Notes and the 2024 Notes (in millions):
|
|
|
Year Ended December 31, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Contractual interest coupon |
|
$ |
65 |
|
|
$ |
43 |
|
|
$ |
39 |
|
|
Amortization of debt issuance costs |
|
|
7 |
|
|
|
7 |
|
|
|
7 |
|
|
Amortization of debt discounts |
|
|
148 |
|
|
|
123 |
|
|
|
114 |
|
|
Total |
|
$ |
220 |
|
|
$ |
173 |
|
|
$ |
160 |
|
|
| Schedule of Future Principal Maturities of Debt |
The future scheduled principal maturities of debt as of December 31, 2019 were as follows (in millions):
|
|
|
Recourse debt |
|
|
Non-recourse debt |
|
|
Total |
|
|
2020 |
|
$ |
259 |
|
|
$ |
1,155 |
|
|
$ |
1,414 |
|
|
2021 |
|
|
1,382 |
|
|
|
909 |
|
|
|
2,291 |
|
|
2022 |
|
|
1,024 |
|
|
|
1,013 |
|
|
|
2,037 |
|
|
2023 |
|
|
1,586 |
|
|
|
199 |
|
|
|
1,785 |
|
|
2024 |
|
|
1,840 |
|
|
|
558 |
|
|
|
2,398 |
|
|
Thereafter |
|
|
1,807 |
|
|
|
760 |
|
|
|
2,567 |
|
|
Total |
|
$ |
7,898 |
|
|
$ |
4,594 |
|
|
$ |
12,492 |
|
|