| Summary of Debt and Finance Leases |
The following is a summary of our debt and finance leases as of December 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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Notes |
|
$ |
419 |
|
|
|
— |
|
|
|
422 |
|
|
|
— |
|
|
|
1.25 |
% |
|
March 2021 |
|
2022 Notes |
|
|
115 |
|
|
|
366 |
|
|
|
503 |
|
|
|
— |
|
|
|
2.375 |
% |
|
March 2022 |
|
2024 Notes |
|
|
171 |
|
|
|
856 |
|
|
|
1,282 |
|
|
|
— |
|
|
|
2.00 |
% |
|
May 2024 |
|
2025 Notes |
|
|
— |
|
|
|
1,785 |
|
|
|
1,800 |
|
|
|
— |
|
|
|
5.30 |
% |
|
August 2025 |
|
Credit Agreement |
|
|
— |
|
|
|
1,895 |
|
|
|
1,895 |
|
|
|
278 |
|
|
|
3.3 |
% |
|
July 2023 |
|
Solar Bonds and other Loans |
|
|
4 |
|
|
|
49 |
|
|
|
55 |
|
|
|
— |
|
|
|
3.6%-5.8 |
% |
|
January 2021 - January 2031 |
|
Total recourse debt |
|
|
709 |
|
|
|
4,951 |
|
|
|
5,957 |
|
|
|
278 |
|
|
|
|
|
|
|
|
Non-recourse debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Asset-backed Notes |
|
|
777 |
|
|
|
921 |
|
|
|
1,705 |
|
|
|
— |
|
|
|
0.6%-7.9 |
% |
|
August 2021-August 2024 |
|
Solar Asset-backed Notes |
|
|
39 |
|
|
|
1,076 |
|
|
|
1,141 |
|
|
|
— |
|
|
|
3.0%-7.7 |
% |
|
September 2024-February 2048 |
|
China Loan Agreements |
|
|
— |
|
|
|
616 |
|
|
|
616 |
|
|
|
1,372 |
|
|
|
4.0 |
% |
|
June 2021-December 2024 |
|
Cash Equity Debt |
|
|
18 |
|
|
|
408 |
|
|
|
439 |
|
|
|
— |
|
|
|
5.3%-5.8 |
% |
|
July 2033-January 2035 |
|
Solar Loan-backed Notes |
|
|
13 |
|
|
|
133 |
|
|
|
152 |
|
|
|
— |
|
|
|
4.8%-7.5 |
% |
|
September 2048-September 2049 |
|
Warehouse Agreements |
|
|
37 |
|
|
|
257 |
|
|
|
294 |
|
|
|
806 |
|
|
|
1.7%-1.8 |
% |
|
September 2022 |
|
Solar Term Loan |
|
|
151 |
|
|
|
— |
|
|
|
151 |
|
|
|
— |
|
|
|
3.7 |
% |
|
January 2021 |
|
Automotive Lease-backed Credit Facilities |
|
|
14 |
|
|
|
19 |
|
|
|
33 |
|
|
|
153 |
|
|
|
1.9%-5.9 |
% |
|
September 2022-November 2022 |
|
Solar Revolving Credit Facility and
other Loans |
|
|
— |
|
|
|
81 |
|
|
|
81 |
|
|
|
23 |
|
|
|
2.7%-5.1 |
% |
|
June 2022-February 2033 |
|
Total non-recourse debt |
|
|
1,049 |
|
|
|
3,511 |
|
|
|
4,612 |
|
|
|
2,354 |
|
|
|
|
|
|
|
|
Total debt |
|
|
1,758 |
|
|
|
8,462 |
|
|
$ |
10,569 |
|
|
$ |
2,632 |
|
|
|
|
|
|
|
|
Finance leases |
|
|
374 |
|
|
|
1,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt and finance leases |
|
$ |
2,132 |
|
|
$ |
9,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Notes |
|
$ |
|
— |
|
|
|
$ |
|
1,304 |
|
|
|
$ |
|
1,380 |
|
|
|
$ |
|
— |
|
|
|
|
1.25 |
% |
|
March 2021 |
|
2022 Notes |
|
|
|
— |
|
|
|
|
|
902 |
|
|
|
|
|
978 |
|
|
|
|
|
— |
|
|
|
|
2.375 |
% |
|
March 2022 |
|
2024 Notes |
|
|
|
— |
|
|
|
|
|
1,383 |
|
|
|
|
|
1,840 |
|
|
|
|
|
— |
|
|
|
|
2.00 |
% |
|
May 2024 |
|
2025 Notes |
|
|
|
— |
|
|
|
|
|
1,782 |
|
|
|
|
|
1,800 |
|
|
|
|
|
— |
|
|
|
|
5.3 |
% |
|
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 |
|
Automotive Lease-backed Credit Facility |
|
|
|
24 |
|
|
|
|
|
16 |
|
|
|
|
|
40 |
|
|
|
|
|
— |
|
|
|
|
4.2%-5.9 |
% |
|
November 2022 |
|
Solar Revolving Credit Facility 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) |
There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities and financing funds, 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, solar energy systems and the associated customer contracts, our interests in financing funds or various other assets and as may be further described below. |
|
| Schedule of Interest Expense |
The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs, the amortization of debt discounts and losses on extinguishment of debt on our convertible senior notes with cash conversion features, which include the 1.50% Convertible Senior Notes due in 2018 (matured in June 2018), the 2019 Notes (matured in March 2019), the 2021 Notes, the 2022 Notes and the 2024 Notes (in millions):
|
|
|
Year Ended December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Contractual interest coupon |
|
$ |
73 |
|
|
$ |
65 |
|
|
$ |
43 |
|
|
Amortization of debt issuance costs |
|
|
7 |
|
|
|
7 |
|
|
|
7 |
|
|
Amortization of debt discounts |
|
|
173 |
|
|
|
148 |
|
|
|
123 |
|
|
Losses on extinguishment of debt |
|
|
105 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
358 |
|
|
$ |
220 |
|
|
$ |
173 |
|
|
| Schedule of Future Principal Maturities of Debt |
The future scheduled principal maturities of debt as of December 31, 2020 were as follows (in millions):
|
|
|
Recourse debt |
|
|
Non-recourse debt |
|
|
Total |
|
|
2021 |
|
$ |
760 |
|
|
$ |
1,058 |
|
|
$ |
1,818 |
|
|
2022 |
|
|
427 |
|
|
|
1,508 |
|
|
|
1,935 |
|
|
2023 |
|
|
1,895 |
|
|
|
511 |
|
|
|
2,406 |
|
|
2024 |
|
|
1,068 |
|
|
|
783 |
|
|
|
1,851 |
|
|
2025 |
|
|
1,804 |
|
|
|
175 |
|
|
|
1,979 |
|
|
Thereafter |
|
|
3 |
|
|
|
577 |
|
|
|
580 |
|
|
Total |
|
$ |
5,957 |
|
|
$ |
4,612 |
|
|
$ |
10,569 |
|
|