v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of our debt and finance leases as of December 31, 2025 (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
Other1 2 3 — 
4.70-5.75%
January 2026-January 2031
Total recourse debt1 2 3 5,000 
Non-recourse debt:
Automotive Asset-backed Notes1,492 1,745 3,249 — 
2.47-6.57%
October 2026-June 2035
China Working Capital Facility— 4,288 4,288 1,429 
2.01-2.11%
March 2026-December 2026 (2)
Energy Asset-backed Notes55 337 397 — 
5.08-6.25%
June 2050
Cash Equity Debt21 212 240 — 
5.25-5.81%
July 2034-January 2035
Total non-recourse debt1,568 6,582 8,174 1,429 
Total debt1,569 6,584 $8,177 $6,429 
Finance leases71 152 
Total debt and finance leases$1,640 $6,736 
The following is a summary of our debt and finance leases as of December 31, 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 — 
4.70-5.75%
March 2025-January 2031
Total recourse debt4 3 7 5,000 
Non-recourse debt:
Automotive Asset-backed Notes2,255 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 Notes54 434 493 — 
4.80-6.25%
December 2025-June 2050
Cash Equity Debt30 299 338 — 
5.25-5.81%
July 2033-January 2035
Total non-recourse debt2,339 5,532 7,900 — 
Total debt2,343 5,535 $7,907 $5,000 
Finance leases113 222 
Total debt and finance leases$2,456 $5,757 
(1)Refer to the respective sections below for restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our debt facilities, as applicable.
(2)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.
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 December 31, 2025, we were in material compliance with all financial debt covenants.
Credit Agreement
In January 2023, we entered into a 5-year senior unsecured revolving credit facility (the “RCF Credit Agreement”) with a syndicate of banks. The RCF Credit Agreement contains two optional one-year extensions and has a total commitment of up to $5.00 billion, which could be increased up to $7.00 billion under certain circumstances. The underlying borrowings may be used for general corporate purposes. Borrowed funds accrue interest at a variable rate equal to: (i) for dollar-denominated loans, at our election, (a) Term SOFR (the forward-looking secured overnight financing rate) plus 0.10%, or (b) an alternate base rate; (ii) for loans denominated in pounds sterling, SONIA (the sterling overnight index average reference rate); or (iii) for loans denominated in euros, an adjusted EURIBOR (euro interbank offered rate); in each case, plus an applicable margin. The applicable margin will be based on the rating assigned to our senior, unsecured long-term indebtedness (the “Credit Rating”) from time to time. The fee for undrawn amounts is variable based on the Credit Rating and is currently 0.125% per annum. 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.
Automotive Asset-backed Notes
From time to time, we transfer receivables and/or beneficial interests related to certain vehicles (either leased or financed) into special purpose entities (“SPEs”) and issue Automotive Asset-backed Notes, backed by these automotive assets to investors. The SPEs are consolidated in the financial statements. The cash flows generated by these automotive assets are used to service the principal and interest payments on the Automotive Asset-backed Notes and satisfy the SPEs’ expenses, and any remaining cash is distributed to the owners of the SPEs. The SPEs’ assets and cash flows are not available to our other creditors, and the creditors of the SPEs, including the Automotive Asset-backed Note holders, have no recourse to our other assets.
In 2025, we transferred beneficial interests related to certain leased vehicles and/or financing receivables into SPEs and issued $1.41 billion in aggregate principal amount of Automotive Asset-backed Notes, with terms similar to our other previously issued Automotive Asset-backed Notes.
Energy Asset-backed Notes
In 2024, we transferred certain financing receivables into an SPE and issued $499 million in aggregate principal amount of Energy Asset-backed Notes, backed by these financing receivables. The proceeds from issuance, net of debt issuance costs, were $494 million. The SPE is wholly owned by us and is consolidated in the financial statements. The cash flows generated by these financing receivables are used to service the principal and interest payments on the Energy Asset-backed Notes and satisfy the SPE’s expenses, and any remaining cash is distributed to us. The SPE’s assets and cash flows are not available to our other creditors, and the creditors of the SPE, including the Energy Asset-backed Notes holders, have no recourse to our other assets.
Cash Equity Debt
In connection with the cash equity financing deals closed in 2016, our subsidiaries issued $502 million in aggregate principal amount of debt that bears interest at fixed rates. This debt is secured by, among other things, our interests in certain financing funds and is non-recourse to our other assets.
China Working Capital Facility
In 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.
In March 2025, the China Working Capital Facility was amended to extend the availability of funds through April 2028. In addition, the maturity date for each borrowing is the earlier of one year from the date the funds are drawn or April 2029.
In September 2025, the China Working Capital Facility was further amended to increase the aggregate lender commitment by RMB 20.00 billion. Borrowings bear interest at a rate equal to the Loan Prime Rate published by the People’s Bank of China minus 0.89% or 0.99%, as applicable under the terms of the agreement.
Pledged Assets
As of December 31, 2025 and 2024, we had pledged or restricted $3.89 billion and $5.16 billion, respectively, of our assets (consisting principally of operating lease vehicles, financing receivables, restricted cash, and equity interests in certain SPEs) as collateral for our outstanding debt.
Schedule of Principal Maturities of Debt
The future scheduled principal maturities of debt as of December 31, 2025 were as follows (in millions):
Recourse debtNon-recourse debtTotal
2026$1 $1,575 $1,576 
2027— 1,233 1,233 
2028— 649 649 
2029— 4,386 4,386 
20302 87 89 
Thereafter— 244 244 
Total$3 $8,174 $8,177