| Summary of Debt and Finance Leases |
The following is a summary of our debt and finance leases as of March 31, 2020 (in millions):
|
|
|
|
|
|
Unpaid |
|
|
Unused |
|
|
|
|
|
|
|
|
|
|
Net Carrying Value |
|
|
Principal |
|
|
Committed |
|
|
Contractual |
|
|
Contractual |
|
|
|
Current |
|
|
Long-Term |
|
|
Balance |
|
|
Amount (1) |
|
|
Interest Rates |
|
|
Maturity Date |
|
Recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.25% Convertible Senior Notes due in 2021
("2021 Notes") |
|
$ |
1,320 |
|
|
$ |
— |
|
|
$ |
1,380 |
|
|
$ |
— |
|
|
|
1.25 |
% |
|
March 2021 |
|
2.375% Convertible Senior Notes due in 2022
("2022 Notes") |
|
|
— |
|
|
|
910 |
|
|
|
978 |
|
|
|
— |
|
|
|
2.375 |
% |
|
March 2022 |
|
2.00% Convertible Senior Notes due in 2024
("2024 Notes") |
|
|
— |
|
|
|
1,405 |
|
|
|
1,840 |
|
|
|
— |
|
|
|
2.00 |
% |
|
May 2024 |
|
5.30% Senior Notes due in 2025
("2025 Notes") |
|
|
— |
|
|
|
1,783 |
|
|
|
1,800 |
|
|
|
— |
|
|
|
5.30 |
% |
|
August 2025 |
|
Credit Agreement |
|
|
158 |
|
|
|
1,861 |
|
|
|
2,019 |
|
|
|
304 |
|
|
1.8% - 3.3% |
|
|
June 2020-July 2023 |
|
Zero-Coupon Convertible Senior Notes due in
2020 |
|
|
99 |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
0.0 |
% |
|
December 2020 |
|
Solar Bonds and other Loans |
|
|
12 |
|
|
|
52 |
|
|
|
67 |
|
|
|
— |
|
|
3.6%-5.8% |
|
|
April 2020 - January 2031 |
|
Total recourse debt |
|
|
1,589 |
|
|
|
6,011 |
|
|
|
8,187 |
|
|
|
304 |
|
|
|
|
|
|
|
|
Non-recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Asset-backed Notes |
|
|
604 |
|
|
|
837 |
|
|
|
1,447 |
|
|
|
— |
|
|
2.0%-7.9% |
|
|
May 2020- May 2023 |
|
Solar Asset-backed Notes |
|
|
37 |
|
|
|
1,102 |
|
|
|
1,167 |
|
|
|
— |
|
|
4.0%-7.7% |
|
|
September 2024-February 2048 |
|
China Loan Agreements |
|
|
338 |
|
|
|
418 |
|
|
|
756 |
|
|
|
1,522 |
|
|
3.7%-4.0% |
|
|
September 2020-December 2024 |
|
Cash Equity Debt |
|
|
10 |
|
|
|
427 |
|
|
|
450 |
|
|
|
— |
|
|
5.3%-5.8% |
|
|
July 2033-January 2035 |
|
Solar Loan-backed Notes |
|
|
12 |
|
|
|
149 |
|
|
|
168 |
|
|
|
— |
|
|
4.8%-7.5% |
|
|
September 2048-September 2049 |
|
Warehouse Agreements |
|
|
68 |
|
|
|
458 |
|
|
|
526 |
|
|
|
574 |
|
|
3.0%-3.3% |
|
|
September 2021 |
|
Solar Term Loans |
|
|
158 |
|
|
|
— |
|
|
|
158 |
|
|
|
— |
|
|
|
5.3 |
% |
|
January 2021 |
|
Canada Credit Facility |
|
|
20 |
|
|
|
10 |
|
|
|
30 |
|
|
|
— |
|
|
4.2%-5.9% |
|
|
November 2022 |
|
Solar Renewable Energy Credit and
other Loans |
|
|
15 |
|
|
|
67 |
|
|
|
82 |
|
|
|
— |
|
|
4.3%-7.3% |
|
|
June 2020-June 2022 |
|
Total non-recourse debt |
|
|
1,262 |
|
|
|
3,468 |
|
|
|
4,784 |
|
|
|
2,096 |
|
|
|
|
|
|
|
|
Total debt |
|
|
2,851 |
|
|
|
9,479 |
|
|
$ |
12,971 |
|
|
$ |
2,400 |
|
|
|
|
|
|
|
|
Finance leases |
|
|
366 |
|
|
|
1,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt and finance leases |
|
$ |
3,217 |
|
|
$ |
10,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of our debt and finance leases as of December 31, 2019 (in millions):
|
|
|
|
|
|
Unpaid |
|
|
Unused |
|
|
|
|
|
|
|
|
|
|
Net Carrying Value |
|
|
Principal |
|
|
Committed |
|
|
Contractual |
|
|
Contractual |
|
|
|
Current |
|
|
Long-Term |
|
|
Balance |
|
|
Amount (1) |
|
|
Interest Rates |
|
|
Maturity Date |
|
Recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.25% Convertible Senior Notes due in 2021
("2021 Notes") |
|
$ |
— |
|
|
$ |
1,304 |
|
|
$ |
1,380 |
|
|
$ |
— |
|
|
|
1.25 |
% |
|
March 2021 |
|
2.375% Convertible Senior Notes due in 2022
("2022 Notes") |
|
|
— |
|
|
|
902 |
|
|
|
978 |
|
|
|
— |
|
|
|
2.375 |
% |
|
March 2022 |
|
2.00% Convertible Senior Notes due in 2024
("2024 Notes") |
|
|
— |
|
|
|
1,383 |
|
|
|
1,840 |
|
|
|
— |
|
|
|
2.00 |
% |
|
May 2024 |
|
5.30% Senior Notes due in 2025
("2025 Notes") |
|
|
— |
|
|
|
1,782 |
|
|
|
1,800 |
|
|
|
— |
|
|
|
5.30 |
% |
|
August 2025 |
|
Credit Agreement |
|
|
141 |
|
|
|
1,586 |
|
|
|
1,727 |
|
|
|
499 |
|
|
2.7%-4.8% |
|
|
June 2020-July 2023 |
|
Zero-Coupon Convertible Senior Notes due in
2020 |
|
|
97 |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
0.0 |
% |
|
December 2020 |
|
Solar Bonds and other Loans |
|
|
15 |
|
|
|
53 |
|
|
|
70 |
|
|
|
— |
|
|
3.6%-5.8% |
|
|
March 2020-January 2031 |
|
Total recourse debt |
|
|
253 |
|
|
|
7,010 |
|
|
|
7,898 |
|
|
|
499 |
|
|
|
|
|
|
|
|
Non-recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Asset-backed Notes |
|
|
573 |
|
|
|
997 |
|
|
|
1,577 |
|
|
|
— |
|
|
2.0%-7.9% |
|
|
February 2020- May 2023 |
|
Solar Asset-backed Notes |
|
|
32 |
|
|
|
1,123 |
|
|
|
1,183 |
|
|
|
— |
|
|
4.0%-7.7% |
|
|
September 2024-February 2048 |
|
China Loan Agreements |
|
|
444 |
|
|
|
297 |
|
|
|
741 |
|
|
|
1,542 |
|
|
3.7%-4.0% |
|
|
September 2020-December 2024 |
|
Cash Equity Debt |
|
|
10 |
|
|
|
430 |
|
|
|
454 |
|
|
|
— |
|
|
5.3%-5.8% |
|
|
July 2033-January 2035 |
|
Solar Loan-backed Notes |
|
|
11 |
|
|
|
164 |
|
|
|
182 |
|
|
|
— |
|
|
4.8%-7.5% |
|
|
September 2048-September 2049 |
|
Warehouse Agreements |
|
|
21 |
|
|
|
146 |
|
|
|
167 |
|
|
|
933 |
|
|
3.1%-3.6% |
|
|
September 2021 |
|
Solar Term Loans |
|
|
8 |
|
|
|
152 |
|
|
|
161 |
|
|
|
— |
|
|
|
5.4 |
% |
|
January 2021 |
|
Canada Credit Facility |
|
|
24 |
|
|
|
16 |
|
|
|
40 |
|
|
|
— |
|
|
4.2%-5.9% |
|
|
November 2022 |
|
Solar Renewable Energy Credit and
other Loans |
|
|
23 |
|
|
|
67 |
|
|
|
89 |
|
|
|
6 |
|
|
4.5%-7.4% |
|
|
March 2020-June 2022 |
|
Total non-recourse debt |
|
|
1,146 |
|
|
|
3,392 |
|
|
|
4,594 |
|
|
|
2,481 |
|
|
|
|
|
|
|
|
Total debt |
|
|
1,399 |
|
|
|
10,402 |
|
|
$ |
12,492 |
|
|
$ |
2,980 |
|
|
|
|
|
|
|
|
Finance leases |
|
|
386 |
|
|
|
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt and finance leases |
|
$ |
1,785 |
|
|
$ |
11,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|