v3.24.2
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of our debt and finance leases as of June 30, 2024 (in millions):
 Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
 CurrentLong-Term
Recourse debt:   
RCF Credit Agreement$— $— $— $5,000 Not applicableJanuary 2028
Other4 3 7 4 
4.70-5.75%
March 2025-January 2031
Total recourse debt4 3 7 5,004 
Non-recourse debt:
Automotive Asset-backed Notes1,987 2,261 4,263 — 
1.12-6.57%
December 2024-June 2035
China Working Capital Facility— 2,751 2,751 — 2.27 %
April 2025 (2)
Cash Equity Debt29 317 355 — 
5.25-5.81%
July 2033-January 2035
Solar Asset-backed Notes4 6 11 — 4.80 %December 2026
Total non-recourse debt2,020 5,335 7,380 — 
Total debt2,024 5,338 $7,387 $5,004 
Finance leases240 143 
Total debt and finance leases$2,264 $5,481 
The following is a summary of our debt and finance leases as of December 31, 2023 (in millions):
Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
CurrentLong-Term
Recourse debt:   
2024 Notes$37 $— $37 $— 2.00 %May 2024
RCF Credit Agreement— — — 5,000 Not applicableJanuary 2028
Other— 7 7 28 
4.70-5.75%
March 2025-January 2031
Total recourse debt37 7 44 5,028 
Non-recourse debt:
Automotive Asset-backed Notes1,906 2,337 4,259 — 
0.60-6.57%
July 2024-May 2031
Cash Equity Debt28 330 367 — 
5.25-5.81%
July 2033-January 2035
Solar Asset-backed Notes4 8 13 — 4.80 %December 2026
Total non-recourse debt1,938 2,675 4,639 — 
Total debt1,975 2,682 $4,683 $5,028 
Finance leases398 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 notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2023 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 sheet.
Recourse debt refers to debt that is recourse to our general assets. Non-recourse debt refers to debt that is recourse to only assets of our subsidiaries. The differences between the unpaid principal balances and the net carrying values are due to debt discounts or deferred issuance costs. As of June 30, 2024, we were in material compliance with all financial debt covenants.
2024 Notes
During the second quarter of 2024, the 2024 Notes reached maturity and were fully settled.
Automotive Asset-backed Notes
During the first and second quarters of 2024, we transferred beneficial interests related to certain leased vehicles and financing receivables into special purpose entities and issued $1.10 billion in aggregate principal amount of Automotive Asset-backed Notes, with terms similar to our other previously issued Automotive Asset-backed Notes.
China Working Capital Facility
In April 2024, one of our subsidiaries entered into a loan agreement (the “China Working Capital Facility”) with lenders in China for an unsecured revolving facility of up to RMB 20.00 billion to be used for certain production expenditures as well as repayment of certain finance facilities. Borrowed funds bear interest at a rate equal to the Loan Prime Rate published by the People’s Bank of China minus 1.18%. The China Working Capital Facility is non-recourse to our assets.