| 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.
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| 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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